Netflix is betting big on a franchise that has already proven its staying power, signing a $500 million global licensing deal for The Walking Dead Universe — but for the first time in over a decade, the streaming giant won't have exclusive rights. Main Developments AMC Global Media announced Thursday that it reached a multi-year agreement granting Netflix co-exclusive streaming access to the original The Walking Dead series and all six of its spin-offs. The deal covers 371 episodes in total. Netflix will share the franchise with AMC+, ending the streamer's exclusive U.S. hold on the series that began in 2011. The new agreement extends availability to markets including the U.K., Italy, Australia, and New Zealand. Read also: Nscale Acquires Anyscale for $1.65B to Control AI Compute Stack 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. Background Netflix has been the exclusive U.S. streaming home of The Walking Dead since 2011, a partnership that helped introduce the survival drama to millions of viewers and turned it into a cultural phenomenon. The franchise has since expanded to include spin-offs such as Fear the Walking Dead , World Beyond , Tales of the Walking Dead , Dead City , Daryl Dixon , and The Ones Who Live . This deal is part of a broader Netflix strategy to secure established franchises with hundreds of episodes, which tend to drive binge-watching and overall viewing hours. Recent data suggests many Netflix subscribers don't stick around for second seasons of newer shows, making proven series a safer investment. Netflix has spent billions on similar deals over the years, including streaming rights to The Office and, earlier this year, Sesame Street . Why It Matters The $500 million deal signals that Netflix values deep libraries of content over exclusivity — a notable shift from its earlier approach. By sharing rights with AMC+, Netflix acknowledges that even its massive subscriber base benefits from co-distribution when the franchise is strong enough. For AMC Networks, the agreement provides a significant financial boost. The company unveiled the deal alongside its quarterly earnings report on Thursday, using it to raise forward guidance. The arrangement also ensures The Walking Dead franchise reaches global audiences that might not subscribe to AMC+. What's Next Beginning in 2027, Netflix subscribers worldwide will gain access to the entire slate of spin-offs. The agreement arrives as Dead City returns for its third season, and fans are anticipating the final season of Daryl Dixon , scheduled to premiere in 2027. The deal raises questions about whether Netflix will pursue similar co-exclusive arrangements for other major franchises, and how this model might reshape the streaming licensing landscape.