Netflix and AMC Global Media Ink $500 Million ‘Walking Dead’ Streaming Deal

'The Walking Dead' Jackson Lee Davis/AMC

AMC Global Media and Netflix have inked a major five-year, $500 million global streaming rights deal for The Walking Dead Universe.

The deal will bring all six spin-off series to Netflix starting next year, creating a unified destination for the franchise, and it will be co-exclusive, meaning that AMC+ will get the original series for the first time in 2027.

While the original Walking Dead has been on Netflix since 2011, the new five-year deal will also expand the show to new territories, including the U.K., Italy, Australia, New Zealand.

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The new deal covers some 371 episodes of TV between The Walking Dead, Fear the Walking Dead, The Walking Dead: Daryl Dixon, The Walking Dead: Dead City, The Walking Dead: The Ones Who Live, The Walking Dead: World Beyond and Tales of The Walking Dead, with the shows debuting in different territories as their streaming licenses kick in over the course of next year.

The companies already pact for a number of other AMC programs, in a deal that was renewed last year.

“Audiences have discovered and loved The Walking Dead on Netflix for nearly 15 years and the show continues to attract new fans,” said Lori Conkling, vp of licensing at Netflix. “We’re excited to partner with AMC Global Media to continue to expand that access to more audiences around the world and bring the entirety of The Walking Dead Universe to Netflix.”

“We are thrilled to expand our long-time partnership with Netflix around The Walking Dead, ” said Kristin Dolan, CEO of AMC Global Media. “This deal creates a global destination for this universe – all shows, all episodes – making the franchise more accessible than ever to fans around the world. In addition, the co-exclusive agreement allows us to bring the original series to AMC+ for the first time early next year. Netflix has been an important partner in making The Walking Dead one of the most successful franchises in the history of entertainment. This agreement is a fantastic result for our companies, for the fans and for this timeless IP.”

AMC announced the deal in connection with its quarterly earnings report Thursday morning.

The company reported net revenues of $547 million, down 9% from a year ago, with operating income of $16 million and adjusted operating income of $46 million, down 75% and 58% respectively.

That said, the company also increased guidance, thanks to the Netflix deal as well as distribution deals with the likes of YouTube and Comcast. Streaming also now represents more than a third of the company’s domestic revenue, with revenue from AMC+ and the company’s other niche streamers like Acorn TV and Shudder also rising.