Netflix and AMC Partner in $500 Million Streaming Deal for The Walking Dead Franchise
Los Angeles, Thursday, 30 July 2026.
Netflix and AMC Global Media have secured a $500 million co-exclusive licensing deal, expanding The Walking Dead franchise globally while bolstering AMC’s financial outlook through shared streaming rights.
Strategic Partnership and Deal Structure
Netflix (NASDAQ: NFLX) and AMC Global Media (NASDAQ: AMCX) have finalized a five-year co-exclusive streaming agreement valued at $500 million, announced on Thursday, 30 July 2026 [1][2]. This licensing pact grants Netflix rights to the entire The Walking Dead franchise, including the original series and six spinoffs, totaling 371 episodes [3][4]. Under the terms, the annual value of the deal averages 100 million per year, providing AMC with significant upfront capital [5]. The agreement ensures that the franchise will stream concurrently on both Netflix and AMC+ starting in 2027, marking a shift from Netflix’s previous exclusive U.S. streaming rights held since 2011 [2][6].
Financial Implications for AMC Global Media
The announcement coincided with AMC Global Media’s second-quarter earnings report, where the company disclosed net revenues of $547 million, a decrease from the previous year [3]. Despite operating income falling to $16 million, AMC Global Media raised its full-year guidance, citing the streaming deal as a key factor in the improved outlook [1][3]. Streaming services now account for more than a third of the company’s domestic revenue, with AMC+ and niche streamers like Acorn TV and Shudder showing growth [3]. This transaction provides a substantial liquidity boost, allowing the company to invest further in content production and platform technology [5].
Global Expansion and Territory Rollout
While Netflix has held U.S. streaming rights since 2011, this new deal expands availability to territories including the U.K., Italy, Australia, and New Zealand [4][6]. Licenses for each series will activate on staggered dates across different geographic regions, contingent upon the expiration of existing streaming agreements [2][5]. The co-exclusive nature of the deal allows AMC+ to stream the original series for the first time, creating a unified global destination for the franchise [4]. Implementation will begin in January 2027, ensuring a coordinated rollout across platforms [6].
Executive Perspectives on Long-Term Value
Kristin Dolan, CEO of AMC Global Media, stated that renewing with Netflix was the right choice despite interest from other major streaming players [6]. Lori Conkling, Vice President of Licensing at Netflix, noted that audiences have discovered the show on the platform for nearly 15 years, continuing to attract new fans [1][4]. The partnership aims to leverage the Netflix effect to maintain engagement while strengthening AMC+’s value proposition for core fans [6]. This collaboration underscores a strategic alignment to maximize the franchise’s lifecycle value through 2032 [5].