Netflix has strengthened its investment in one of television’s most successful franchises by signing a multi-year global licensing agreement reportedly worth $500 million to stream The Walking Dead Universe to audiences worldwide.
AMC Global Media announced the deal on Thursday, confirming that Netflix will receive co-exclusive streaming rights to the original The Walking Dead series along with all six spin-off shows. The agreement covers a total of 371 episodes across the entire franchise.
Netflix has served as the exclusive U.S. streaming home for The Walking Dead since 2011, helping the zombie drama build a global audience. Under the new agreement, the franchise will also become available to Netflix subscribers in additional markets, including the United Kingdom, Italy, Australia and New Zealand.
Unlike previous arrangements, Netflix will no longer hold exclusive streaming rights to the franchise. Instead, the content will be shared with AMC+, ending the platform’s exclusive access to the series after more than a decade.
The reported $500 million agreement ranks among the largest television licensing deals in recent years, highlighting the continued value of established entertainment franchises in the increasingly competitive streaming market.
The deal also reflects Netflix’s strategy of investing in proven, long-running series as industry data suggests many subscribers are less likely to continue watching newer shows beyond their first season. Large franchises with hundreds of episodes are viewed as more effective at driving binge-watching and increasing viewer engagement.
From 2027, Netflix subscribers around the world will gain access to the complete collection of The Walking Dead spin-offs, including Fear the Walking Dead, The Walking Dead: World Beyond, Tales of the Walking Dead, Dead City, Daryl Dixon, and The Ones Who Live.
The licensing agreement comes as Dead City prepares to return for its third season, while fans are also anticipating the final season of Daryl Dixon, which is scheduled to premiere in 2027.
The Walking Dead joins a growing portfolio of high-profile television series acquired by Netflix to strengthen subscriber engagement. In recent years, the streaming platform has invested billions of dollars in securing rights to popular shows, including The Office, and earlier this year also reached an agreement to stream Sesame Street.
