Netflix and AMC Global Media have signed a five-year, $500 million global streaming rights deal covering the entire Walking Dead Universe. The deal brings all six spin-off series to Netflix starting next year and makes the platform a unified destination for the franchise. It is structured as a co-exclusive agreement, meaning AMC+ will carry the original series for the first time in 2027.
The original Walking Dead has been on Netflix since 2011. The new deal expands the show to additional territories, including the United Kingdom, Italy, Australia, and New Zealand. In total, the agreement covers 371 episodes of television spanning 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.
"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, vice president 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."
AMC Global Media CEO Kristin Dolan called it a milestone for both companies and for fans. "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 alongside its second-quarter earnings report, which showed the company missed Wall Street expectations. According to The Hollywood Reporter, total revenue came in at $547 million, down 9 percent from a year ago. The company swung to an adjusted net loss of 28 cents per share from a profit of 69 cents per share in the same period last year. Analysts had projected revenue of $554.6 million and a loss of 7 cents per share. Shares fell 6 percent in pre-market trading, though AMC stock has risen more than 70 percent over the past year.
Streaming was a bright spot in the report. Streaming revenue rose 6 percent during the quarter to $180 million, driven by price increases, and now represents more than a third of domestic revenue. The Wrap noted that the Walking Dead deal led AMC to update its full-year outlook, with consolidated revenue now expected in the range of $2.4 billion to $2.45 billion.
The quarterly results did reflect some broader pressure. Subscription revenue dropped 5 percent to $306 million. Affiliate revenue fell 17 percent to $126 million, largely due to continued cable subscriber declines. Advertising revenue slid 11 percent to $109 million, though the company said part of that decline was due to a one-time system integration issue that has since been resolved. Excluding that issue, the advertising decline would have been in the mid-single digits. Content licensing revenue dropped 34 percent to $56 million due to timing of deliveries.
Despite the mixed quarter, AMC also highlighted a series of distribution agreements over the past year with Comcast, DirecTV, Dish, and YouTube TV. AMC-owned networks will be included as part of the launch of YouTube TV's genre packages. Dolan said the company was raising its full-year guidance and cited the value of AMC's intellectual property, its studio operations, and its partner relationships as reasons for confidence heading into the second half of the year. The Walking Dead content licensing revenue alone is expected to contribute approximately $200 million to $225 million to full-year results.
