Netflix Replaces Content Chief Bela Bajaria With Ex-Disney Exec Peter Rice, a Day After Announcing 6% Layoffs

Netflix Inc. (NASDAQ:NFLX) is replacing content chief Bela Bajaria, who is leaving after nearly 10 years, with industry veteran Peter Rice, a day after announcing layoffs of about 1,000 employees. Peter Rice Takes Over at the End of the Month Rice, most recently chairman of Walt Disney Television and General Entertainment at The Walt Disney Co. (NYSE:DIS), takes over Oct. 26 to lead Netflix’s global content organization, spanning scripted and unscripted series, film and live events. Co-CEO Ted Sarandos described Rice as “one of the most effective at-scale operators in the entertainment industry.” Bajaria, who joined Netflix in 2016 and became chief content officer in 2023, helped expand the streamer’s international reach and its push into live events, and her tenure included hit shows such as ‘Bridgerton’ and ‘Squid Game’ and partnerships with WWE and the NFL. Netflix and Bajaria did not immediately respond to Benzinga’s request for comment on the reason for her departure. Read Also: Shay Boloor Loads Up on Rocket Lab Stock, Says He Understands the Starlink Premium, but Market Is ‘Absolutely Underappreciating’ the SpaceX Rival Layoffs Come Amid Pressure for Hits On Wednesday, the company said it will cut roughly 6% of its workforce, its largest round of layoffs since 2022, primarily in product, technology, legal, and human resources. Engagement has become investors’ biggest concern, with YouTube and TikTok drawing viewers with free, user-generated content, giving them a cost advantage over Netflix. In July, YouTube captured 14.2% of U.S. TV viewing, while Netflix’s share was under 8%. Earnings Next Week Netflix reports third-quarter results after the market closes Oct. 20. Analysts expect earnings of 82 cents a share and revenue of $12.88 billion, according to Benzinga Pro. Price Action: On Thursday, shares closed 2.89% higher at $72.61 and fell 1.13% in extended trading to $71.79. The stock has fallen 20.20% this year and 39.66% over the past 12 months. Benzinga Edge rankings indicate Netflix’s stock has a Momentum score in the 7th percentile and a Growth score in the 76th percentile. See More: Top Momentum Stocks Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo: Elliott Cowand Jr / Shutterstock