Netflix secures $500 million global deal for The Walking Dead

The deal expands the survival drama’s reach into markets including the U.K., Italy, Australia, and New Zealand. While Netflix has served as the primary U.S. streaming home for the series since 2011, this new arrangement forces a transition to a co-exclusive model, with AMC+ retaining streaming access alongside the tech giant. The price tag places this transaction among the most significant television licensing agreements in recent history, surpassing the $425 million HBO Max spent to acquire Friends in 2020.

For Netflix, the strategy serves as a hedge against audience churn. With data showing that many subscribers abandon newer original series after a single season, the company is prioritizing established, long-running franchises to sustain binge-watching habits and increase total viewing hours. By 2027, the platform will feature the full slate of spin-offs, including Dead City, Daryl Dixon, and The Ones Who Live. For AMC Networks, the influx of capital provided a necessary boost, prompting the company to raise its forward financial guidance during Thursday’s quarterly earnings report.