Netflix pays a ridiculous amount to share The Walking Dead

Netflix is reportedly spending $500 million to keep The Walking Dead on its platform. It does so despite no longer holding exclusive streaming rights to the franchise.

The new five-year licensing agreement will see the zombie saga shared between Netflix and AMC+ from 2027. This marks a rare move for the streaming giant.

According to AMC, the deal covers 371 episodes across the original The Walking Dead series and six spin-offs. These include Fear the Walking Dead, The Walking Dead: Daryl Dixon, Dead City, The Ones Who Live, World Beyond and Tales of The Walking Dead.

The agreement also significantly expands Netflix’s reach beyond the US. Alongside renewing its domestic rights, the streamer has secured international distribution in markets including the UK, Italy and Australia. This will give subscribers in those regions access to the full franchise from 2027.

Perhaps the more surprising part of the deal is that AMC+ will also stream the original series for the first time. Previously, Netflix has held exclusive streaming rights to The Walking Dead since 2011, despite AMC Studios producing the franchise. However, under the new arrangement, both services will carry the flagship show simultaneously.

For Netflix, paying half a billion dollars for a non-exclusive licence is an unusual strategy. The company has historically favoured exclusive rights to high-profile content, making this shared agreement stand out. However, the numbers suggest The Walking Dead continues to perform strongly on the platform. This is more than a decade after it first arrived.

“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, Netflix’s Vice President of Licensing.

AMC also believes the expanded partnership will help introduce the franchise to new audiences. “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,” said AMC CEO Kristin Dolan.

The agreement highlights Netflix’s continued willingness to invest heavily in proven franchises. While the streamer has increasingly focused on original programming, it has also spent heavily on established hits such as Friends and The Office. In addition, with The Walking Dead continuing to attract viewers years after its debut, Netflix appears to have decided the franchise remains worth a sizeable investment. This is the case even if it now has to share it.