Fastrack · Netflix Names Peter Rice Content Chief as Bela Bajaria Exits

Netflix announced Thursday that Chief Content Officer Bela Bajaria is leaving. Peter Rice, a former Fox and Disney executive, takes over.

1,000 employees, about 6% of staff, were laid off earlier this week.
2016: Bajaria joined Netflix, initially running unscripted TV.
2023: Bajaria became chief content officer.
Other exits include film VP Doug Belgrad and several TV executives.

Why it matters: The shakeup puts a new executive over Netflix's films and series as growth slows. Sarandos said Sept. 30 the company is not growing as fast as he wants.

2% engagement growth on 200 billion viewing hours, per Sarandos.
Second seasons of shows like Beef have drawn weaker ratings.

The story so far

3 steps · since Oct 9

Oct 9Netflix Expected to Cut 5% of Workforce, Report Says8 sources
Oct 14Netflix to Lay Off About 1,000 Staff, WSJ Reports40 sources
Oct 15Netflix Names Peter Rice Content Chief as Bela Bajaria ExitsYou are hereLatest

How 9 sources split on this story

Source landscape

Factuality

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Mixed

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Strong LeftLeftLean LeftCenterLean RightRightStrong Right

Political Bias

Coverage by lean% of 9 sources

9 sources · 10 articles · 56% Left coverage

Where they split: Outlets differ on what drove the exit: Business Insider ties it to a stock slump, Hollywood Reporter to slowing viewership while noting strong profits, and Netflix's own statements cite neither.

Center coverage, 4 sources: The center frames it as a leadership handoff, centering Sarandos' statements and Rice's industry track record.

CNBC2hNetflix Chief Content Officer Bela Bajaria is leaving, will be replaced by Peter Rice Deadline2hNetflix Names Peter Rice As Chief Content Officer Financial Times1hNetflix replaces chief content officer in effort to arrest declining share price Reuters1hNetflix names former Disney executive Rice as new content chief as Bajaria departs

Left coverage, 5 sources: The left frames Bajaria's departure as an ouster tied to layoffs and Netflix's struggles with growth and its stock.

Business Insider2hNetflix names Peter Rice as new content chief, Bela Bajaria out Variety2hNetflix's Bela Bajaria Leaving After 10 Years Amid Layoffs Hollywood Reporter2hBela Bajaria Out at Netflix, Peter Rice Replaces Her as CCO Los Angeles Times2hNetflix Chief Content Officer Bela Bajaria exits amid major layoffs The New York Times1hNetflix Replaces Bela Bajaria as Chief Content Officer

What’s next: Rice starts next week; CNBC puts the effective date at Oct. 26.

Sarandos and Greg Peters will host a companywide town hall on Oct. 21.
Did Bajaria resign, or did Netflix push her out?
Will Rice change Netflix's push into live sports and creator content?