Netflix has appointed former Disney executive Peter Rice as its chief content officer, succeeding Bela Bajaria, who is leaving the streaming giant after nearly a decade, the company said on Thursday.
Rice will oversee Netflix's content strategy from October 26, spanning series, films and live events across regions. He previously served as chairman of Walt Disney Television and chairman of general entertainment at The Walt Disney Company, and before that led Fox Searchlight.
End of the Bajaria era
Bajaria joined Netflix in 2016 to run its unscripted TV slate and was named chief content officer in January 2023. During her tenure, the platform released pop-culture blockbusters including "Bridgerton" and "Squid Game", and expanded into live programming through multi-year partnerships with WWE and the NFL.
"I want to thank Bela for a decade of dedication, innovation, creativity and leadership," Netflix co-CEO Ted Sarandos said in a statement. "She helped broaden our content offering to include the large-scale expansion of unscripted programming and the launches of live events and sports."
Change comes amid pressure
The announcement landed a day after Netflix told staff it was cutting about 6 per cent of its workforce — roughly 1,000 jobs — its biggest round of layoffs since 2022. The company has faced investor doubts over its ability to sustain growth as engagement becomes a key concern, with free platforms such as YouTube and TikTok attracting viewers through user-generated content.
Netflix has struggled to produce new breakout hits to replace ageing franchises such as "Stranger Things" and "Bridgerton", and its shares have fallen nearly 40 per cent over the past year, according to Wall Street Journal reporting. Rice's first major test will come quickly: Netflix reports third-quarter earnings on October 20.
Sources:
- Netflix names former Disney executive Rice as new content chief as Bajaria departs — Reuters
- Netflix Replaces Content Chief as It Struggles to Engage Viewers — The Wall Street Journal
Rice will oversee Netflix's content strategy from October 26, spanning series, films and live events across regions. He previously served as chairman of Walt Disney Television and chairman of general entertainment at The Walt Disney Company, and before that led Fox Searchlight.
End of the Bajaria era
Bajaria joined Netflix in 2016 to run its unscripted TV slate and was named chief content officer in January 2023. During her tenure, the platform released pop-culture blockbusters including "Bridgerton" and "Squid Game", and expanded into live programming through multi-year partnerships with WWE and the NFL.
"I want to thank Bela for a decade of dedication, innovation, creativity and leadership," Netflix co-CEO Ted Sarandos said in a statement. "She helped broaden our content offering to include the large-scale expansion of unscripted programming and the launches of live events and sports."
Change comes amid pressure
The announcement landed a day after Netflix told staff it was cutting about 6 per cent of its workforce — roughly 1,000 jobs — its biggest round of layoffs since 2022. The company has faced investor doubts over its ability to sustain growth as engagement becomes a key concern, with free platforms such as YouTube and TikTok attracting viewers through user-generated content.
Netflix has struggled to produce new breakout hits to replace ageing franchises such as "Stranger Things" and "Bridgerton", and its shares have fallen nearly 40 per cent over the past year, according to Wall Street Journal reporting. Rice's first major test will come quickly: Netflix reports third-quarter earnings on October 20.
Sources:
- Netflix names former Disney executive Rice as new content chief as Bajaria departs — Reuters
- Netflix Replaces Content Chief as It Struggles to Engage Viewers — The Wall Street Journal
