Bela Bajaria, Netflix’s chief content officer since 2023, is leaving the company immediately, co-CEO Ted Sarandos announced in a Thursday memo. Peter Rice, a former Fox and Disney executive, will take over the role next week. The leadership change comes amid stalling engagement figures and slowing growth at the streaming giant.
Just one day prior, Netflix laid off roughly 1,000 employees—its largest round of cuts since 2022. Sarandos acknowledged the rapid succession of changes in a message to staff, saying, “It’s been an eventful series of days here... But we all know change is what we do at Netflix.” The shake-up signals a strategic pivot as Netflix faces increased competition and shifting viewer habits.
This is a developing story.
Source: New York Times Business · Summarized by HeadlinesBriefing