Netflix Pays $500M for Walking Dead Rights Through 2031, Expands to New Territories

Netflix has renewed its streaming rights to The Walking Dead franchise, paying $500 million to AMC Global Media for five years of access to the original series and all six spinoffs. The deal covers 371 episodes and expands the franchise to the UK, Italy, Australia, New Zealand, and other territories starting in 2027. Critically, it is co-exclusive, meaning AMC+ will stream the original series for the first time, while Netflix retains its U.S. presence where it has held rights since 2011.

The $500 Million Co-Exclusive Pact

Netflix and AMC Global Media finalized a five-year, $500 million global licensing agreement on July 30. The deal covers 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. Netflix will stream all seven titles in expanded territories including the UK, Italy, Australia, and New Zealand, while maintaining its existing U.S. rights.

AMC+ Gets Original Series for First Time

Under the co-exclusive arrangement, AMC+ will stream the original Walking Dead series starting in 2027, marking the first time the flagship show appears on AMC’s subscription service. Netflix continues to hold exclusive U.S. streaming rights for the original series, which has been available on the platform since 2011. Individual series will launch on different dates across territories as existing licenses expire.

Walking Dead Remains AMC’s Economic Engine

The Walking Dead premiered on Halloween 2010 and ran for 11 seasons, becoming a defining franchise for AMC Global Media. The company, originally spun off from Cablevision’s Rainbow Media division, went public just months before the show’s debut. AMC Global Media announced the deal alongside its second-quarter earnings on July 30, stating it was raising full-year guidance in part due to the streaming agreement, though Q2 results fell short of Wall Street expectations.

Netflix’s Library Strategy Amid Subscriber Scrutiny

Netflix faces heightened investor scrutiny over engagement metrics, with many original titles seeing ratings declines in their second seasons. The Walking Dead deal reflects Netflix’s strategy of acquiring proven library content to drive subscriber retention. Lori Conkling, VP of Licensing at Netflix, stated audiences have discovered and loved the show on Netflix for nearly 15 years and continue to attract new fans, positioning the franchise as a key asset for global expansion.

Final Thoughts

The $500 million deal strengthens Netflix’s content library in key markets while providing AMC Global Media critical revenue to offset Q2 shortfalls. Meyka rates NFLX a B with 11 Buy and 1 Hold from analysts, suggesting modest upside, while AMCX trades at a B- with limited analyst coverage and elevated debt concerns.

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