Netflix has paid $500 million to AMC Global Media for a five-year renewal of co-exclusive rights to The Walking Dead franchise. The deal brings 371 episodes of the original series and its six spinoffs to Netflix in the UK, Italy, Australia, New Zealand, and other new territories, in addition to the United States, where the show has been available since 2011.
According to a report by Deadline, the show will remain on AMC+ starting next year as part of the agreement. The pact connects one of American television's legacy cable networks with the dominant force of the streaming era.
AMC boss Kristin Dolan said "a lot of major players" were interested in the deal, but that "the opportunity to license everything to everybody" proved to be the deciding factor. Her comments came as AMC reported second-quarter results that fell below Wall Street expectations.
The size of the deal raises questions about how it affects Netflix's spending on original programming. By committing this much to an established franchise, the streamer could have less available for wholly new content. Still, Deadline business reporter Dade Hayes noted that the renewal comes as investors are already scrutinizing Netflix engagement more closely, with concern about ratings declines in the second seasons of some original shows.
Hayes also noted that when it comes to bringing new relevance to library content, the Netflix effect remains a potent force, and The Walking Dead is a prime example of that phenomenon. The franchise, based on a comic book series, is one of the most recognizable in international television.
The deal positions Netflix as the primary streaming home for the entire Walking Dead universe across most of the English-speaking world, and signals continued confidence in catalog titles as a driver of subscriptions and viewer hours.
