LOS ANGELES — Netflix announced Thursday that Bela Bajaria will depart as chief content officer after a decade at the streaming service, naming veteran entertainment executive Peter Rice as her successor starting Oct. 26.
The leadership overhaul arrives during a tumultuous period for the digital entertainment giant, which cut approximately 1,000 positions — roughly 6 percent of its global staff — on Wednesday, according to reports from IndieWire and TheWrap. In addition to Bajaria, Netflix dismissed film vice president Doug Belgrad and film director Sheroum Kim, the New York Post reported.
Bajaria joined Netflix in 2016 after leading programming at NBCUniversal. She climbed the ranks to head of global operations in 2020 before ascending to the chief content officer post in 2023. During her tenure, she directed an estimated $20 billion programming budget and guided global sensations such as “Squid Game,” “Wednesday” and “Bridgerton.”
“I want to thank Bela for a decade of dedication, innovation, creativity and leadership,” Netflix co-CEO Ted Sarandos said in a statement. Sarandos credited her with widening the streamer’s catalog into unscripted television, sports rights and live programming, including National Football League broadcasts and WWE showcases.
A veteran studio leader steps in
Rice enters the role after decades navigating major studio systems and high-profile creative deals. He launched his Hollywood career in Fox’s theatrical film division in 1989, ultimately steering Fox Searchlight Pictures through celebrated releases such as “Slumdog Millionaire,” “Juno” and “Little Miss Sunshine.”
Rice later rose to president of 21st Century Fox and chief executive of Fox Networks Group. Following Disney’s purchase of Fox’s entertainment assets, he became Disney’s chairman of general entertainment and Walt Disney Television until his 2022 ouster under former Disney CEO Bob Chapek. In recent years, Rice worked as an independent film producer on titles such as “Saturday Night” and “28 Years Later.”
In a company statement, Sarandos described Rice as “one of the most effective at-scale operators in the entertainment industry,” emphasizing his relationships with filmmakers and television creators. In the same release, Rice said the streamer has “shown again and again that they’re willing to take chances on distinctive voices and fresh ideas.”
Talent exits and changing strategies
The executive swap follows mounting business obstacles for Netflix throughout 2026. While Bajaria spearheaded pushes into gaming, podcasts and live athletic events — including Major League Baseball and upcoming tournament rights for the 2027 FIFA Women’s World Cup — domestic engagement growth slowed to just 2 percent during the first half of the year, TheWrap reported.
The streamer also suffered the loss of top-tier showrunners and directors. “Stranger Things” creators Matt and Ross Duffer departed for Paramount, producer Shawn Levy signed with Disney, director Noah Baumbach relocated to Warner Bros., and longtime collaborator David Fincher chose not to renew his Netflix production contract, according to IndieWire.
Wall Street has voiced skepticism over Netflix’s shifting priorities, particularly following a failed attempt to acquire Warner Bros. Discovery that ended when Paramount-Skydance completed a $110 billion merger. The company’s shares have dropped substantially, down roughly 28 to 40 percent over the past year, outlets reported.
Under Rice, Netflix will oversee a planned pivot into wider theatrical distribution. The company is experimenting with a 45-day theatrical window for the awards contender “La Bola Negra,” followed by upcoming releases including Fincher’s “The Further Misadventures of Cliff Booth” in November and Greta Gerwig’s “Narnia: The Magician’s Nephew” slated for early 2027. Rice will formally assume command of the film, television and live event divisions late this month.
