Netflix has agreed to pay $500 million for extended streaming rights to "The Walking Dead" franchise, sharing the content with AMC+. This five-year licensing deal, beginning in 2027, will grant Netflix access to all 371 episodes of "The Walking Dead" and its six spinoffs across multiple territories, including the UK, Italy, and Australia.

This agreement marks a significant shift for Netflix, as it typically secures exclusive streaming rights. However, the company's licensing VP, Lori Conkling, stated that "audiences have discovered and loved The Walking Dead on Netflix for nearly 15 years." AMC CEO Kristin Dolan highlighted the deal as creating a "global destination for this universe."

For the first time, AMC+ will also be able to stream the main "Walking Dead" series, as Netflix has held exclusive rights since 2011. Despite the substantial cost and shared rights, Netflix likely views the franchise as a reliable draw for viewers, similar to its past acquisitions of shows like "Friends" and "The Office."