Netflix and AMC Global Media have reached a new five-year licensing agreement that will enable the streaming platform to offer the entire "The Walking Dead" franchise globally. The deal, valued at $500 million, covers the original series as well as its six spinoffs, and was announced in AMC Global Media’s second-quarter earnings report.

Under the agreement, both Netflix and AMC’s own streaming service, AMC+, will co-stream all episodes of the franchise, making "The Walking Dead" universe more accessible to viewers worldwide. AMC Global Media’s chief executive, Kristin Dolan, described the partnership as creating a “global destination” for the franchise and highlighted that the original series will debut on AMC+ early next year under this arrangement.

The licensing deal functions as a rental arrangement, with AMC Global Media retaining ownership of the content. Each show in the franchise has a separate licensing term, with start dates varying based on the territory and existing agreements. Upon expiration, streaming rights to "The Walking Dead" revert to AMC Global Media. The company also maintains exclusive global rights to distribute the franchise on its own platforms.

This renewal represents a significant expansion of Netflix’s access to the popular zombie-themed series, following previous licensing agreements that limited the availability of the shows in certain regions. As a result, fans around the world will have streamlined access to the full scope of "The Walking Dead" content through these co-exclusive streaming channels for the duration of the contract.