Half a billion dollars. That is the figure Netflix is reportedly handing over to keep zombies shuffling across its home screen for a minimum of five more years.
Netflix and AMC unveiled a multi-year agreement on Thursday that keeps every one of the 177 episodes of The Walking Dead on Netflix while pushing the series into fresh territories, among them the U.K., Italy, Australia and New Zealand. Ever wondered where your subscription fee goes? There’s your answer.
Still, 177 isn’t the headline figure here. The one to watch is 371.
Every spinoff, one address
The streamer also secured streaming rights to the entire extended universe. Beginning in 2027, 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 all arrive on Netflix worldwide.
Tally that up and 371 episodes of Walking Dead programming end up under a single roof. That’s a lot of walkers.
If you bailed out somewhere around the prison arc and never returned, consider this either an invitation or a threat.
AMC gets its own show back
Now for the wrinkle. Since 2011, The Walking Dead has streamed exclusively on Netflix in the U.S., leaving AMC's own streaming platform to operate for years without the flagship title that shaped the company’s modern identity.
That’s about to shift. Under the terms of the deal, The Walking Dead will also begin streaming on AMC Plus.
“We are thrilled to expand our long-time partnership with Netflix around The Walking Dead,” said Kristin Dolan, CEO of AMC Global Media, in a news release. “This deal creates a global destination for this universe – all shows, all episodes – making the franchise more accessible than ever to fans around the world. In addition, the co-exclusive agreement allows us to bring the original series to AMC+ for the first time early next year. Netflix has been an important partner in making The Walking Dead one of the most successful franchises in the history of entertainment. This agreement is a fantastic result for our companies, for the fans and for this timeless IP.”
Fifteen years of people finding it late
Nostalgia isn’t really Netflix’s argument. The company is pointing instead to the constant drip of viewers who keep turning up long after the fact.
“Audiences have discovered and loved The Walking Dead on Netflix for nearly 15 years and the show continues to attract new fans,” said Lori Conkling, vice president of licensing at Netflix, in a statement. “We’re excited to partner with AMC Global Media to continue to expand that access to more audiences around the world and bring the entirety of The Walking Dead Universe to Netflix.”
The timeline backs Conkling up. AMC debuted the original series on Oct. 31, 2010, and it went on to run 177 episodes over 11 seasons.
The franchise isn’t finished
The network’s first spinoff came in 2015 with Fear the Walking Dead, which premiered Aug. 23, 2015, and lasted eight seasons. Production continues on two shows within the universe: The Walking Dead: Dead City and The Walking Dead: Daryl Dixon.
Daryl’s story already has a finish line. A fourth and final season is slated to premiere in 2027 — the very year the spinoffs go global on Netflix.
So the franchise’s most enduring character will deliver his final episode at the same moment every installment ever produced converges in one destination. Michonne’s sword, Negan’s bat, 371 episodes, one queue.