Netflix is making one of its biggest library-content bets by agreeing to pay $500 million for expanded global streaming rights to The Walking Dead franchise. The five-year agreement with AMC Global Media will allow Netflix to retain the original series, add every major spin-off and introduce the franchise to several international territories beginning in 2027.
However, Netflix will not receive complete exclusivity. The agreement gives AMC+ the right to stream the original The Walking Dead series for the first time, creating an unusual arrangement in which both platforms can benefit from one of television’s most recognizable franchises.
The deal covers 371 episodes across the original show and six related series, significantly expanding the amount of Walking Dead programming available through Netflix. It demonstrates how valuable established entertainment franchises remain, even as streaming companies continue investing heavily in original productions.
What the $500 Million Agreement Includes
Under the agreement, Netflix will retain streaming access to the original 11-season series while acquiring global rights to its six spin-offs. These include Fear the Walking Dead, The Walking Dead: Dead City, The Walking Dead: The Ones Who Live, The Walking Dead: World Beyond, Tales of the Walking Dead and The Walking Dead: Daryl Dixon.
The new arrangement is expected to begin rolling out in 2027, although exact availability may differ between countries because of existing regional licensing agreements. Netflix’s access to the franchise is expected to continue through 2032.
According to the detailed deal coverage published by Variety, the agreement is structured as a co-exclusive partnership rather than a traditional exclusive licensing contract. Netflix gains a substantially larger global content package, while AMC protects the value of its own streaming service by retaining access to the franchise.
Netflix is expected to pay the licensing fee over several years rather than transferring the entire $500 million immediately. Reported payment details indicate that AMC expects approximately $25 million in 2026, followed by annual payments of about $100 million from 2027 through 2030, with the remaining amount expected in 2031.
AMC+ Gains the Original Series for the First Time
One of the most important parts of the agreement is the arrival of the original The Walking Dead series on AMC+. Although AMC originally produced and broadcast the show, the complete original series has not previously been available through AMC+ in the same way that it has been available through Netflix.
That situation will change in early 2027. AMC+ will gain access to the original series while continuing to offer programming from the broader franchise. The arrangement could make the service more attractive to viewers who want access to AMC’s original shows, horror programming and related premium content in one subscription.
The official AMC+ streaming service currently combines content from AMC, BBC America, IFC, Sundance TV, Shudder and Sundance Now. Adding the full original zombie drama gives the platform a stronger connection to one of AMC’s most commercially important properties.
Rather than weakening AMC+, the Netflix agreement may therefore create a two-stage audience strategy. Netflix can introduce the franchise to a much larger global audience, while AMC+ can position itself as the direct home of the network’s premium programming and future franchise releases.
Why Netflix Still Values The Walking Dead
The original The Walking Dead premiered in 2010 and concluded its 11-season run in 2022. Despite the end of the flagship series, the franchise has continued through multiple spin-offs focused on different characters, locations and periods within the same fictional universe.
Netflix has carried the original series in the United States for nearly 15 years. The platform’s licensing executive Lori Conkling stated that audiences have continued discovering the series and that it still attracts new fans. That long-term performance helps explain why Netflix is prepared to commit such a large amount to a franchise that began more than a decade ago.
The complete franchise has reportedly generated billions of viewing hours on Netflix, despite several spin-offs having limited international availability. Data cited in recent coverage estimates that the original show and its related series accumulated around 3.89 billion viewing hours between 2023 and mid-2026.
For Netflix, the value comes from more than one popular series. A 371-episode package offers an enormous volume of recognizable programming capable of keeping viewers engaged over extended periods. It also allows the platform to promote several interconnected shows rather than relying on the performance of a single title.
The Deal Expands the Franchise Internationally
The agreement will expand the original series and spin-offs into additional Netflix territories. The original show is expected to become available through Netflix in markets including the United Kingdom, Italy, Australia and New Zealand.
The spin-offs will also receive a wider global release beginning in 2027, although individual launch dates will depend on when existing licensing contracts expire. This means viewers in some regions may receive the shows earlier than others.
Global distribution is particularly important for franchises with multiple connected series. When different shows are divided among several services, viewers may find it difficult to follow the complete storyline. Bringing the original series and every major spin-off together creates a more accessible viewing destination.
Netflix’s international reach could also revive interest in earlier seasons. Viewers discovering newer programs such as Daryl Dixon, Dead City or The Ones Who Live may return to the flagship series to understand the characters and events that shaped the franchise.
Why AMC Chose Co-Exclusivity Instead of Full Exclusivity
AMC could have attempted to reserve the entire franchise for AMC+, but doing so would have limited its exposure to Netflix’s much larger audience. Licensing the content allows AMC to generate significant revenue while continuing to use the franchise to strengthen its own service.
The arrangement suggests that streaming companies are becoming more flexible about exclusivity. A valuable television property does not necessarily need to remain locked inside one platform to support subscription growth. In some cases, broad distribution can increase recognition, introduce new viewers and create demand for related programming.
Earlier AMC licensing partnerships with Netflix reportedly increased content-licensing revenue and placed shows such as Interview with the Vampire, Fear the Walking Dead and other AMC productions in front of wider audiences. The new agreement extends that strategy on a much larger scale.
Deadline’s report on the agreement describes the transaction as a renewal and expansion of Netflix’s relationship with the franchise. The structure allows AMC to receive dependable licensing income without surrendering the ability to offer the original series on AMC+.
What the Deal Means for Streaming Competition
The $500 million agreement reflects a broader shift in the streaming industry. Platforms once focused heavily on removing their content from competitors and building fully exclusive libraries. Companies are now reconsidering that strategy as production costs rise and established shows continue generating licensing revenue.
Netflix benefits by acquiring a proven franchise with a substantial episode library. AMC benefits from the licensing payments, greater international visibility and the ability to add the original series to AMC+. Viewers benefit from wider access and a more centralized location for the franchise.
The agreement may also encourage other media companies to license major properties while retaining selected rights for their own platforms. Co-exclusive deals can generate immediate revenue without completely sacrificing the long-term value of a streaming brand.
A Major Deal That Benefits Both Platforms
Netflix’s $500 million investment confirms that The Walking Dead remains a valuable global entertainment property. The franchise offers hundreds of episodes, recognizable characters and an established audience that continues to generate viewing activity years after the original series ended.
At the same time, AMC has avoided making Netflix the only destination for the franchise. By bringing the original series to AMC+ in 2027, the company can use Netflix’s reach to attract new viewers while giving dedicated fans another reason to subscribe directly to AMC’s service.
The result is not simply a content purchase. It is a carefully structured distribution partnership that gives Netflix scale, gives AMC substantial licensing revenue and gives AMC+ a stronger franchise offering. In an increasingly competitive streaming market, that shared-rights model may prove more valuable than exclusivity alone.
