Netflix expands ‘The Walking Dead’ deal, but loses exclusive hold on zombie franchise

Under a new licensing agreement, Netflix will be streaming “The Walking Dead” franchise globally.

Netflix and AMC Global Media, the network that originally aired the zombie series, inked a new five-year co-streaming deal, according to a news release on Thursday. Both companies will be able to show the original “The Walking Dead” series and its six spinoffs on Netflix and AMC+. The deal is valued at $500 million, AMC Global Media said in its second-quarter earnings report.

“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,” Kristin Dolan, the company’s chief executive, said in a statement. “This agreement is a fantastic result for our companies, for the fans and for this timeless IP.”

AMC Global Media is renting the franchise, not selling it. The five-year licenses run separately for each show, with start dates that vary based on territory and the expiration of existing streaming deals. The rights to “The Walking Dead” revert to AMC Global Media when the term ends.

The company also keeps global rights to run the “Walking Dead” universe on its own services throughout. Dolan told investors the agreement would supply what she called “a meaningful source of cash flow for years to come,” framing it as evidence that the company’s library still commands premium prices even as its cable business shrinks.

The agreement will extend the franchise’s reach on Netflix in places like the U.K., Italy, Australia and New Zealand — making episodes available beginning in 2027.

“The Walking Dead” premiered on the AMC network in 2010, introducing audiences to the high-stakes world of a zombie apocalypse. In 2011, the series began streaming exclusively on Netflix in the U.S. The show aired for 11 seasons and became one of AMC’s most influential shows. Other popular programs from the network include “Mad Men” and “Breaking Bad.”

“Audiences have discovered and loved ‘The Walking Dead’ on Netflix for nearly 15 years and the show continues to attract new fans,” Lori Conkling, Netflix’s vice president of licensing, said in a statement.

The deal landed alongside a rough quarter. AMC Global Media reported second-quarter revenue of $547 million, down 9% from a year earlier, and a loss of 51 cents a share, compared with 91 cents in profit in the same period last year. Operating income fell to about $16 million from $64 million.

Netflix’s second-quarter earnings showed mixed results. The company‘s revenue rose 13% to $12.6 billion; its net income was $3.4 billion, up 9% from a year ago; and its advertising business is on track to reach $3 billion in revenue this year, double the amount in 2025.

The same filing offered some details on Netflix’s acquisition of InterPositive, the AI post-production startup founded by Ben Affleck, for $587 million in cash in March.

But Netflix’s stock price has continued to waver due in part to investor concerns about the streamer’s future growth.