• In late July 2026, Netflix completed a US$992.55 million fixed-rate bond issue and secured a multi-year global licensing deal with AMC Global Media to bring The Walking Dead Universe and six spin-offs to international markets from 2027, while also announcing board and executive changes.
• This combination of fresh funding, expanded franchise content, and leadership shifts highlights how Netflix is reshaping its global offering and capital structure to compete in a slowing, highly contested streaming landscape.
• Next, we’ll examine how gaining international rights to The Walking Dead Universe could influence Netflix’s investment narrative around content scale.

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Netflix Investment Narrative Recap

To own Netflix today, you need to believe it can keep turning premium, globally relevant content into steady revenue and earnings, even as streaming growth slows and rivals crowd the market. The Walking Dead Universe deal and the new US$992.55 million bond issue both speak to that content scale story, but they do not fundamentally change the near term tension between rising content spend and moderating revenue growth, which remains the key risk.

Among the recent moves, the Walking Dead licensing agreement looks most relevant for content scale and international engagement. Bringing the flagship series and six spin offs to markets like the U.K., Italy, Australia and New Zealand from 2027 fits directly into Netflix’s push to deepen viewing time outside the US and support its ad tier with recognisable franchises. How far that actually offsets higher content costs and competition is the open question for the next leg of the story.

But while this expanded content slate is encouraging, investors should also be aware that rising content costs and intensifying competition could...

Netflix’s narrative projects $64.7 billion revenue and $19.7 billion earnings by 2029. This requires 11.3% yearly revenue growth and a $6.3 billion earnings increase from $13.4 billion.

Uncover how Netflix's forecasts yield a $114.15 fair value, a 59% upside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts were already assuming Netflix could reach about US$68.1 billion in revenue and US$21.8 billion in earnings by 2029, so compared with the baseline focus on moderating growth and rising costs, their view of what advanced ad tech and global content deals might deliver is far more optimistic and may well shift again after this latest Walking Dead announcement.

Explore 33 other fair value estimates on Netflix - why the stock might be worth over 2x more than the current price!

Form Your Own Verdict

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Netflix research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Netflix research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Netflix's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.