A Major ‘The Walking Dead’ Licensing Deal May Be on the Horizon

AMC Global Media is actively pursuing the next licensing agreement for the TV series ‘The Walking Dead’. The company is currently in discussions with several interested buyers, aiming to retain part of the rights while also collaborating with partners.

Although ‘The Walking Dead’ main series concluded in 2022, it remains highly popular on streaming platforms. The franchise has also spawned multiple spin-off shows, ensuring its continued relevance and value.

During a recent earnings call with Wall Street analysts, AMC Global Media CEO Kristin Dolan discussed the ongoing negotiations. She expressed enthusiasm, stating, “We’ve been really excited about the inbound for discussion on the licensing rights for ‘The Walking Dead’.” Dolan elaborated that the company is exploring various deal structures and is open to multiple options.

Dolan said that AMC prefers not to grant full control to a single partner. Instead, the company is leaning towards shared agreements. She noted, “We definitely feel it’s important to keep some of the content for ourselves co-exclusively, so we’re emphasizing the fact that we’re looking predominantly at co-exclusive deals, but there are some very large and enthusiastic partners in the bidding process right now.”

Dolan mentioned that the rights could be sold in various formats, either as a single large package or divided by regions, such as domestic and international markets. Essentially, AMC is still evaluating the optimal structure and has not yet finalized a plan.

AMC Global Media’s president and chief commercial officer Kim Kelleher also contributed to the call, stating that the company considers more than just financial aspects when negotiating deals. She remarked, “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.” Kelleher added that AMC is already collaborating with several global partners regarding ‘The Walking Dead’ and is continuing discussions with them.

While the company did not disclose any potential bidders, analysts speculate that major streaming platforms may be involved due to previous relationships with AMC content.

In the meantime, AMC reported mixed financial results for the quarter, with revenue declining by 2 percent to $542.1 million. Earnings also saw a significant drop compared to last year, falling from 52 cents per share to 8 cents per share on an adjusted basis. However, both figures exceeded analysts’ expectations.

Streaming revenue increased by 11 percent to $174 million, primarily driven by higher prices, despite a slight decrease in subscribers to 10.1 million.

AMC also indicated that any developments regarding the ‘Walking Dead’ licensing deal will not be factored into its financial forecast for 2026 operating income, as the company is still awaiting the finalization of any agreement.

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