The Walking Dead is about to be everywhere at once. Beginning in 2027, the entire zombie franchise — 371 episodes across seven series — will stream on both Netflix and AMC+ under a new five-year, $500 million co-exclusive global licensing deal, according to Variety.

Co-exclusive means neither platform gets the show to itself. Both Netflix and AMC+ will carry the catalogue simultaneously, a structure that is still relatively rare in an industry where exclusivity has long been the default selling point of a streaming subscription.

The deal covers the original The Walking Dead series plus all six spinoffs: 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. That is the full scripted universe AMC has built around Robert Kirkman's comic since 2010, all under one agreement.

Netflix has held exclusive U.S. streaming rights for The Walking Dead since 2011, meaning this deal ends a fifteen-year run where the show lived on a single American platform. The new arrangement also extends Netflix's availability of the franchise in the U.K., Italy, Australia, and New Zealand, among other territories.

For AMC+, the deal brings a notable first: the original The Walking Dead series will stream on the platform for the first time ever when it arrives in early 2027. AMC is both the producer of the franchise and a streaming competitor to Netflix, which makes the co-exclusive structure a fit for both sides — AMC+ gains a flagship title it never carried, while Netflix keeps a long-running draw on its service.

Licenses for each series will begin on different dates across different geographic territories, following the expiration of existing streaming deals. That staggered rollout means viewers in some countries may see titles appear on both platforms before others.

Kristin Dolan, CEO of AMC Global Media, and Lori Conkling, Vice President of Licensing at Netflix, are the named executives behind the agreement, per Variety. Neither company has publicly broken down how the $500 million splits between the two parties.

For fans, the practical effect is simple. From 2027, subscribers to either Netflix or AMC+ will have access to the full Walking Dead catalogue — the original 177-episode run and every spinoff that followed — without needing both services.