Netflix replaces Bela Bajaria with Peter Rice as content chief
Why it matters: The shake-up follows 1,000 layoffs, weak viewing growth and a 23% stock drop ahead of Tuesday earnings.
Netflix replaced Chief Content Officer Bela Bajaria with former Disney and Fox executive Peter Rice, handing him oversight of the company’s global content operation across scripted and unscripted series, film and live events. The move lands in a turbulent week for the streamer, which cut about 1,000 jobs, or roughly 6% of its workforce. Netflix has been grappling with soft engagement, reporting first-half viewership growth of just 2%. Co-CEO Ted Sarandos recently said the company was not expanding as quickly as he wanted, while its Emmy wins fell to a 10-year low and its stock is down about 23% this year. Netflix reports third-quarter earnings on Tuesday.