Full Breakdown
AMC Global Media Negotiates Next Licensing Deal for “The Walking Dead”
5/9/2026, 4:42:36 AM
Negotiating the Next ‘Walking Dead’ Licensing Deal
AMC Global Media is finalizing negotiations for the next licensing round of its flagship series, “The Walking Dead,” which ended in 2022 but remains popular via streaming and spinoffs. Executives are weighing options from a single global partner to territory-by-territory splits, favoring co-exclusive deals that preserve AMC’s distribution share.
Financial Context & Key Metrics
AMC reported mixed Q1 results: revenue fell 2 % to $542.1 million, adjusted earnings per share dropped to $0.08 from $0.52 a year earlier, while streaming revenue rose 11 % to $174 million and subscribers fell 3 % to 10.1 million. Analysts note that the anticipated “Walking Dead” licensing proceeds are excluded from the 2026 operating-income outlook.
Official Statements & Responses
CEO Kristin Dolan said AMC is evaluating every scenario and prioritizing co-exclusive structures to retain a share of “The Walking Dead” content. President and Chief Commercial Officer Kim Kelleher emphasized that customer experience, discoverability and partner engagement are weighed alongside financial terms in shaping future agreements.
Industry Landscape and Potential Bidders
Bidders have not been named, but industry observers cite Netflix as a likely contender given its existing AMC partnership and success promoting other AMC titles. AMC has also piloted activations on HBO Max and maintains “channel” deals with Amazon, Roku and other platforms. Valuations for marquee series have moderated since the streaming-rights boom, yet “The Walking Dead” rights are still projected to fetch several hundred million dollars.
Data & Statistics
- Quarterly revenue: $542.1 million (-2 % YoY)
- Adjusted earnings per share: $0.08 (down from $0.52)
- Streaming revenue: $174 million (+11 %)
- Streaming subscribers: 10.1 million (-3 %)
- Anticipated “The Walking Dead” licensing value: “several hundred million dollars” (estimate)
Conflicting Reports & Gaps
Public filings do not disclose the identities of bidders or the exact financial terms of the deal. Analysts’ estimates of the licensing value remain speculative, and AMC has not quantified how the agreement will affect its 2026 operating income.
Verbatim Quotes
- “We’ve been really excited about the inbound for discussion on the licensing rights for The Walking Dead,” — Kristin Dolan, CEO, AMC Global Media
- “We may chunk it up, may all go to one partner, domestic versus international. There’s many, many ways to skin this cat,” — Kristin Dolan, CEO, AMC Global Media
- “Of course we consider the customer experience and discoverability when we’re looking for what our co-exclusive partnerships are going to be going forward.” — Kim Kelleher, President & Chief Commercial Officer, AMC Global Media
What’s Next
AMC has not disclosed a timeline for concluding the licensing negotiations, and the anticipated deal is not reflected in its 2026 operating-income guidance.
