Deal scope and territorial expansion
Netflix and AMC Global Media have reached a five-year, $500 million co-exclusive global streaming rights agreement for The Walking Dead Universe. The deal covers approximately 371 episodes spanning seven series: 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. The arrangement is co-exclusive, meaning AMC+ will carry the original series for the first time in 2027, while Netflix hosts the broader universe.
While the original Walking Dead has been on Netflix since 2011, the new agreement expands the franchise's footprint to additional territories, including the United Kingdom, Italy, Australia, and New Zealand. Shows will debut in different markets as their streaming licenses activate over the course of the next year. Netflix and AMC had already renewed a broader programming partnership last year covering other AMC series, providing the foundation for the new expansion.
Payment structure and revenue recognition
Under the agreement, AMC Global Media expects to receive approximately $25 million in cash during 2026, followed by annual cash payments of roughly $100 million in 2027, 2028, 2029, and 2030, with the remaining balance due in 2031. Because the payments are extended over time, AMC said the present value of the future cash flows is estimated at approximately $445 million. The company expects to recognize between $200 million and $225 million in annual revenue tied to the license agreement in both 2026 and 2027.
AMC raised its full-year 2026 revenue forecast to a range of $2.4 billion to $2.5 billion, citing the estimated impact of the Netflix agreement alongside distribution renewals with Comcast and YouTube.
Second-quarter results context
AMC Global Media disclosed the deal alongside its second-quarter 2026 earnings, which covered the March-through-May period. Streaming revenue rose 6% year-over-year to $180 million, while U.S. advertising sales fell 11% to $109 million. AMC noted that the ad-sales figure included the one-time impact of a now-resolved system integration issue; excluding that effect, AMC said advertising revenue declined in the mid-single digits.
Domestic revenue overall declined 11% to $470 million, with U.S. subscription revenue down 5% to $306 million, affiliate revenue down 17% to $126 million, and content licensing sales plunging 34% to $56 million. Internationally, subscription revenue edged down 1% to $46 million, ad sales climbed 13% to $29.4 million, and content licensing rose 6% to $2.6 million, pushing total international revenue up 4% to $79 million. Streaming now represents more than a third of AMC's domestic revenue, according to the company. AMC did not disclose a streaming subscriber count for the quarter; the company had previously said it would stop reporting that figure regularly after Q1 subscribers fell 1% year-over-year to 10.1 million.
Leadership commentary
AMC Global Media CEO Kristin Dolan framed the agreement as an extension of an existing relationship, writing in a shareholder letter that the deal "will provide a meaningful source of cash flow for years to come" and that AMC was raising full-year guidance by "leveraging the value of our IP, the importance of our studio and the strength of our partner relationships, particularly in the area of distribution." Netflix vice president of licensing Lori Conkling said audiences "have discovered and loved The Walking Dead on Netflix for nearly 15 years" and that Netflix is "excited to partner with AMC Global Media to continue to expand that access to more audiences around the world."
What changes and what to watch
The arrangement marks two notable shifts for the franchise: AMC+ will host the original Walking Dead for the first time beginning in 2027, and Netflix will gain a more comprehensive global catalog spanning multiple territories. The next verifiable milestone is the 2027 rollout window, when the spin-offs begin debuting on Netflix in newly licensed markets and the original series arrives on AMC+. Investors will also look to AMC's next quarterly update for further detail on how the $200 million to $225 million in recognized annual revenue from the deal tracks against full-year guidance of $2.4 billion to $2.5 billion.
Share this article
