Netflix is doubling down on one of television’s biggest franchises, signing a massive new licensing agreement worth a reported $500 million to bring The Walking Dead Universe to audiences around the world.

AMC Global Media announced Thursday that it has reached a multi-year global licensing agreement with Netflix that will give the streaming giant co-exclusive rights to the original “The Walking Dead” series and all six of its spin-offs. In total, the deal covers 371 episodes spanning the entire franchise.

Netflix has been the exclusive U.S. streaming home of The Walking Dead since 2011, helping introduce the survival drama to millions of viewers. Now, thanks to the new agreement, its availability extends to additional markets including the U.K., Italy, Australia, and New Zealand.

The deal is particularly notable because Netflix will not have exclusive rights. Instead, the company will share streaming access with AMC+, meaning it will end Netflix’s more than decade-long exclusive hold on the series.

The $500 million price tag ranks among the most expensive television licensing deals in recent years. (For comparison, HBO Max paid $425 million to bring “Friends” from Netflix to its platform in 2020.) 

Additionally, the move comes as recent data suggests many Netflix subscribers don’t stick around for second seasons of newer shows, making established franchises with hundreds of episodes a safer bet for driving binge-watching and overall viewing hours.

Beginning in 2027, Netflix subscribers around the world will also gain access to the franchise’s entire slate of spin-offs, including “Fear the Walking Dead, “World Beyond Tales of the Walking Dead,” “Dead City,” “Daryl Dixon,” and “The Ones Who Live.” 

The agreement also arrives as “Dead City” returns for its third season. Fans are also looking ahead to the final season of “Daryl Dixon,” scheduled to premiere in 2027.

The Walking Dead joins a growing list of popular shows Netflix has pursued to drive engagement. Over the years, it has spent billions securing streaming rights to series such as “The Office,” while earlier this year it also reached a deal to stream “Sesame Street.”

Meanwhile, the announcement provided a boost to AMC Networks’ financial outlook. The company unveiled the Netflix agreement alongside its quarterly earnings report on Thursday, using the deal to raise its forward guidance. 

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