AMC's Future In The Post-'Walking Dead' Era: More 'Walking Dead'?

Most TV viewers can acknowledge that AMC Networks Inc AMCX has seen better days.

According to a Bloomberg report, ratings for the TV station's long-running zombie show "The Walking Dead" is now 11 percent lower in the key demographic of young viewers, although it is still holds the title of the most watched TV series among the demographic.

Meanwhile, AMC's stock has fallen 18 percent over the past year versus a 24 percent gain in the S&P 500 Media Index.

Josh Sapan, the CEO of AMC Networks, told Bloomberg that Wall Street isn't fully appreciating how the company monetizes the zombie series, such as the creation of a spinoff called "Fear the Walking Dead," a talk show called "Talking Dead" and revenue from selling past seasons of the core show to Netflix, Inc. NFLX.

Just Like Star Trek

Sapan added in his interview that the zombie series "still has a long, long creative life and a long, long commercial life." The executive even equated "The Walking Dead" to the "Star Trek" franchise, which continues producing new content after its debut 50 years ago.

Sapan also acknowledged an ongoing concern shared among nearly every cable and content operator: cord cutting.

As more and more families are getting rid of their traditional cable and satellite service for a pure online on-demand service, AMC needs to adapt as well.

Sapan has a game-plan, which includes a global expansion, more internal production of programming and naturally a move to online streaming.