AMC Nears Streaming Deal for 'The Walking Dead' as New Home Looms

AMC Global Media is on the verge of finalizing a new streaming deal for 'The Walking Dead' after its recent return to the company’s platform, AMC+. The announcement was teased during the company’s first-quarter earnings call on Friday morning.

Last quarter, AMC’s flagship series made its way back to AMC+ following the expiration of its long-standing licensing agreement with Netflix. At the time, AMC Global Media executives hinted at ongoing discussions for a new licensing deal. Now, those negotiations appear to be reaching a critical stage.

During the earnings call, CEO Kristin Dolan addressed the company’s strategy, emphasizing a preference for co-exclusive deals while keeping some content for AMC+ exclusively. She stated:

“We’re really looking at every scenario. There’s a variety of ways to look at it. 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 also suggested the possibility of splitting the licensing rights for 'The Walking Dead' across different territories or partners. She explained:

“We may chunk it up, may all go to one partner, domestic versus international. There’s many, many ways to skin this cat.”

AMC Reports Mixed Q1 Earnings

In addition to the streaming deal discussions, AMC Global Media released its first-quarter financial results on Friday, revealing a mix of challenges and successes. While total revenue declined by 2% to $542.1 million, both revenue and earnings surpassed analyst estimates. Streaming revenue saw a notable increase of 11%, reaching $174 million, primarily driven by price hikes.

Subscriptions tied to ad-supported AMC+ bundle agreements with other streamers surged by 200% year-over-year, totaling 1.8 million. However, overall subscriber numbers for AMC+ dropped by 1% compared to the previous year, landing at 10.1 million.

Restructuring Costs Impact Q1

AMC also disclosed a $4 million restructuring charge during the quarter. Of this amount, approximately $3 million was allocated to a voluntary buyout program for U.S. employees. Another $2 million was earmarked for restructuring efforts in international markets, including office closures in Latin America.