Netflix has ponied up a half billion dollars to extend its streaming rights to The Walking Dead and the show's six spinoffs, AMC global media announced. Starting in 2027, the franchise will stream on both Netflix and AMC+ as part of the five year licensing deal. The pact covers 371 episodes of The Walking Dead and its spinoffs: Fear the Walking Dead, The Walking Dead: Daryl Dixon, Dead City, The Ones Who Live, World Beyond and Tales of The Walking Dead.

"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," AMC CEO Kristin Dolan said in a statement. 

The agreement will extend Netflix's streaming rights beyond the US to territories including the UK, Italy and Australia. At the same time, AMC+ gained the right to stream the main show for the first time, as Netflix has held exclusive rights since 2011 (AMC Studio produced all seven series). 

Despite gaining new international rights, $500 million is a wild amount of money to pay for access to The Walking Dead — especially considering that Netflix now has to share the rights with AMC+. That's something Netflix almost never does; the streamer generally structures its content deals to gain exclusive rights.

However, the streamer's data around the show's viewer habits that must have justified its decision. "Audiences have discovered and loved The Walking Dead on Netflix for nearly 15 years and the show continues to attract new fans," said Netflix's licensing VP Lori Conkling. 

Netflix has often attached itself to beloved franchises that reliably draw in viewers like Friends and The Office, and may see The Walking Dead in a similar light. The streamer recently overtook the BBC in a UK audience popularity survey and announced in May that it has over 250 million monthly users in its ad-supported tier.