It's unlikely they'll have two episodic games going at the same time, so here is my prediction. TWD season 2 will come to us after Fables (which will run for 8-12 months for 5-6 episodes by previous experience) but before King's Quest. Once King's Quest is done and they realise that even though Fables is an awesome franchise, it doesn't have the pull of a huge franchise like Walking Dead, they'll bang out a new season every 12-18 months, because right now, that's where the money is.
And can you blame them? Massive critical acclaim. Lots of money. A massive pre-existing fan-base. For any company, Walking Dead is a no-brainer.
As for the thinking that TWD would need to wait for next-gen on consoles, Telltale release on multiple platforms, including PC and mobile, which means they aren't really bound by the gen to gen model. Also, why would you wait to produce for a new generation where the market is relatively unpopulated compared to the current gen, which is in a vast number of western homes.
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