Netflix and AMC have agreed to a five-year deal worth about $500 million that brings The Walking Dead Universe to Netflix. The deal, announced on July 30, 2026, includes the original Walking Dead series and all six of its spin-offs — 371 episodes in total. Both companies confirmed the news through their official websites.

Variety first reported the $500 million value. The deal covers Fear the Walking Dead, World Beyond, Tales of the Walking Dead, Dead City, Daryl Dixon, and The Ones Who Live. Starting in 2027, Netflix viewers around the world will be able to watch the spin-offs. The original series is already available on Netflix in the United States.

Since 2011, Netflix had been the only streaming service in the U.S. where you could watch The Walking Dead. Under this new deal, that changes. Netflix will now share streaming access with AMC+, which is AMC's own streaming service. The deal also makes The Walking Dead available on Netflix in more countries, including the U.K., Italy, Australia, and New Zealand.

AMC announced the Netflix deal at the same time as its Q2 2026 earnings report and used it to raise its financial forecast. The timing connects the licensing money directly to a financial update for shareholders, making the deal a meaningful event for AMC's finances rather than a routine renewal.

To put the price tag in perspective, in 2020 HBO Max paid $425 million to bring the show Friends over from Netflix. The Walking Dead deal, at roughly $500 million over five years, is larger, though the two deals work differently. With Friends, HBO Max became the only place to stream it. With The Walking Dead, both Netflix and AMC's own service, AMC+, will offer the show at the same time.

That shared arrangement is the key detail. For about fifteen years, Netflix was the sole streaming home for the original Walking Dead series in the U.S. That setup worked for both sides: Netflix had a popular show that kept viewers coming back, and AMC got paid for a property it also aired on regular TV. Now AMC is betting that AMC+ can keep and grow its own subscriber base even though Netflix — which has far more subscribers worldwide — will also have the same shows. Whether viewers will pay for AMC+ when they can watch the same content on Netflix is the question.

The 2027 start date for the spin-offs gives Netflix new content arriving next year. Across the original series and all six spin-offs, the franchise totals 371 episodes, which is a large addition to Netflix's catalog in the countries covered by the deal.

For AMC, the $500 million spread over five years provides cash the company has already built into its improved financial forecast. The deal also keeps The Walking Dead on AMC's own streaming service, so the franchise can still help AMC attract and keep subscribers.

The broader context here is a shift in how streaming companies handle popular shows. A few years ago, the trend was to pull licensed content onto one platform and keep it there exclusively. The HBO Max Friends deal in 2020 was a clear example. Since then, the industry has moved toward shared arrangements where content appears on competing services at the same time. The Walking Dead deal follows that newer pattern: Netflix gets more shows for its catalog, AMC gets licensing money while keeping the franchise on its own service, and the shows reach viewers across multiple platforms.

Whether sharing the show actually brings new subscribers to AMC+ or whether most people simply watch it on Netflix is still an open question. The deal's structure suggests AMC is willing to find out, in exchange for $500 million in near-term revenue.