Netflix is eliminating about 6% of its workforce and bringing in the former Disney executive to lead its global programming operations amid slowing viewer engagement and growing competition.
Netflix announced a major leadership shake-up on October 15, 2026, naming former Disney executive Peter Rice as its new chief content officer while confirming the departure of longtime programming chief Bela Bajaria. The executive change follows the company’s decision to eliminate approximately 1,000 jobs, representing 6% of its workforce.
Rice will officially assume the role on October 26, taking responsibility for Netflix’s worldwide programming operations. His responsibilities will include television series, films, documentaries, unscripted entertainment and live events.
The restructuring comes as Netflix faces increased pressure to deliver popular programming, improve viewer engagement and maintain growth in a competitive entertainment industry.
Netflix Layoffs Affect 1,000 Employees Across Major Departments
Netflix informed employees on Wednesday, October 14, that it was eliminating approximately 1,000 positions in its largest workforce reduction since 2022.
Most of the layoffs affect the company’s product, technology, legal and human resources departments.
In a message to employees, co-chief executives Ted Sarandos and Greg Peters explained that the company needed to concentrate its resources on areas with the greatest potential impact.
The executives said Netflix remained financially strong and continued to expect its full-year results to meet previously announced forecasts.
However, they acknowledged the need to reconsider how the organization allocates employees and financial resources.
The reductions represent roughly one in every 16 Netflix employees, based on the company’s reported workforce of approximately 16,000 people at the end of 2025.
Reuters reported that the layoffs represent Netflix’s largest job cuts since the company eliminated approximately 450 positions in 2022 following a period of slowing subscriber growth.
The latest reductions come despite years of expansion in Netflix’s programming library, international operations and subscription business.
The company has not publicly provided a complete list of affected positions or detailed how the layoffs are distributed across individual offices.
Bela Bajaria Leaves Netflix After Nearly a Decade
Bela Bajaria is departing after holding several of the most influential programming positions at Netflix.
She joined the streaming company in 2016 following a career at NBCUniversal, where she served as president of Universal Television.
At Netflix, Bajaria initially oversaw unscripted programming before becoming vice president of local-language originals and later head of global television.
She was promoted to chief content officer in January 2023, giving her responsibility for the company’s worldwide programming strategy.
During her tenure, Netflix released major international successes including Squid Game, Bridgerton and Wednesday.
She also helped expand the company’s investment in programming produced outside the United States.
Those efforts played an important role in Netflix’s transformation from a primarily American streaming service into an international entertainment business.
Bajaria also oversaw an expansion into reality programming, sports entertainment and live events.
Netflix developed major relationships with organizations including WWE and the National Football League while introducing additional live programming.
Sarandos praised Bajaria’s contributions in the company’s official announcement, crediting her with broadening Netflix’s content offerings and building its international programming operation.
Netflix did not provide a detailed public explanation for her departure.
Although some entertainment industry reports described the change as an abrupt dismissal, the company’s announcement said Bajaria was leaving after nearly 10 years.
Peter Rice Named Netflix Chief Content Officer
Peter Rice will take charge of Netflix’s worldwide content organization beginning October 26.
The appointment brings an experienced Hollywood executive into a position responsible for some of the entertainment industry’s largest programming investments.
Rice previously served as chairman of Walt Disney Television and chairman of general entertainment at The Walt Disney Company.
During his time at Disney, he oversaw major television operations including ABC, FX, Hulu, Disney Channel and National Geographic.
His responsibilities covered hundreds of television programs and thousands of hours of annual programming.
Before joining Disney, Rice held senior positions at 21st Century Fox and Fox Networks Group.
He also served as president of Fox Searchlight Pictures, which released acclaimed films including Slumdog Millionaire, Juno, Little Miss Sunshine and Sideways.
Rice left Disney in 2022 during a management dispute involving the company’s leadership.
His return to a senior studio position gives Netflix an executive with extensive experience managing both traditional entertainment companies and streaming operations.
Rice will oversee scripted and unscripted television, films and live programming across Netflix’s international markets.
The company has not announced major changes to individual programming budgets or confirmed which projects Rice might prioritize after taking office.
Netflix Faces Pressure Over Slowing Viewer Engagement
The restructuring follows growing investor concern about how much time subscribers spend watching Netflix programming.
While the company remains one of the world’s largest subscription entertainment services, its audience competes with traditional television, other streaming platforms and free online video services.
YouTube and TikTok have become particularly important competitors because they offer large libraries of content without requiring the same subscription commitments.
Netflix has responded by expanding beyond traditional television series and movies.
Its strategy now includes live sports, wrestling, gaming, creator partnerships and video podcasts.
However, those investments have increased expectations that new programming categories will attract viewers and encourage existing subscribers to remain with the service.
According to the Los Angeles Times, Netflix has faced pressure from investors to produce more popular shows and increase viewing time across the platform.
The company also faces questions about whether expensive programming investments can continue delivering sufficient audience growth.
Some analysts have linked the leadership changes to these concerns, although Netflix has not identified any single programming failure as the reason for replacing Bajaria.
Netflix Stock Declines Amid Business Changes
Netflix shares have experienced substantial pressure during 2026.
Market reporting on October 16 indicated that the stock had fallen approximately 23% for the year, reflecting investor concerns about growth and competition.
The share price declined further Friday as investors considered the company’s leadership transition and workforce reductions.
The stock’s performance reflects broader uncertainty about how streaming businesses can continue expanding after reaching large global audiences.
Netflix has more than 325 million customers worldwide, giving it considerable scale in the subscription entertainment market.
However, maintaining customer growth becomes increasingly difficult as more households already subscribe to multiple streaming services.
The company also faces competition for advertising revenue and consumer attention.
Netflix has invested in its advertising-supported subscription plans as another source of income.
The business is also pursuing live events and other formats intended to encourage frequent viewing.
Although the layoffs demonstrate a greater emphasis on controlling costs, Netflix executives continue to maintain that the company expects to meet its annual financial guidance.
Film Division Also Affected by Netflix Restructuring
The leadership changes extend beyond Bajaria’s departure.
Variety reported that film executive Doug Belgrad and executive Sheroum Kim were also among those leaving during the restructuring.
The departures create additional changes in the company’s film organization as Rice prepares to oversee its entire content portfolio.
Belgrad joined Netflix after previously serving in senior production positions at Sony Pictures.
His departure comes as the company evaluates how best to balance original film production, licensed titles and theatrical distribution opportunities.
Netflix has invested heavily in original movies while continuing to experiment with theatrical releases and partnerships.
Rice’s experience at Fox Searchlight could prove relevant as the company considers its film strategy.
However, Netflix has not announced that it is abandoning its existing distribution approach or preparing a major shift toward traditional theatrical releases.
Any changes to individual departments or production priorities will become clearer after Rice assumes his position.
Netflix Expands Beyond Traditional Streaming
The leadership transition comes during a broader transformation of Netflix’s entertainment business.
The company has moved beyond its original subscription streaming model by introducing additional programming and interactive entertainment options.
Live sports have become a major part of that strategy.
Netflix has secured agreements involving NFL games and WWE programming, providing events that can attract audiences at specific times rather than through traditional on-demand viewing.
The company has also increased its investment in video games and interactive entertainment.
Those efforts are intended to expand the amount of time consumers spend using Netflix services.
However, expanding into different entertainment categories also creates additional costs and operational challenges.
Rice will need to manage those competing priorities while maintaining the company’s established film and television operations.
His appointment does not guarantee higher viewing figures or stronger financial performance.
The results will depend on future programming decisions, audience response and the company’s ability to control expenses.
What Happens Next for Netflix and Peter Rice?
Rice is scheduled to begin his new position on October 26, 2026, less than two weeks after the leadership change was announced.
His first responsibilities will include overseeing Netflix’s existing content teams and managing programming decisions across international markets.
The company must also complete its workforce restructuring while maintaining production schedules and relationships with creative partners.
Investors will be watching for information about future spending, audience engagement and the performance of the company’s advertising and live entertainment businesses.
Netflix has not announced another round of layoffs or provided a timetable for additional executive changes.
The company continues to maintain that its underlying business remains strong despite the job reductions.
For employees and production partners, the immediate focus is on how the reorganization affects existing operations.
For Rice, the challenge will be balancing established hit series with new programming that can attract audiences in an increasingly competitive market.
His October 26 start date marks the next stage of Netflix’s restructuring, following the departure of one of its most influential programming executives and the elimination of approximately 1,000 jobs.
IMAGE: Peter Rice in 2015. Photo: Monelisa / Wikimedia, taken 2016-10-31, CC BY-SA 4.0