Netflix replaces content chief Bela Bajaria with Peter Rice amid layoffs
Netflix said Thursday, October 16, 2026, that chief content officer Bela Bajaria is leaving the company and former Disney and 21st Century Fox executive Peter Rice will assume the role.
The leadership change arrives alongside a workforce reduction of about 1,000 employees, roughly six percent of Netflix’s staff, the largest cut since 2022. Co‑CEO Ted Sarandos thanked Bajaria for a decade of “dedication, innovation, creativity and leadership,” noting her role in expanding unscripted programming, live events and sports deals.
Bajaria oversaw a $20 billion content budget and helped launch global hits such as “Squid Game,” “Wednesday,” “Bridgerton” and “Stranger Things,” as well as high‑profile live‑event contracts with the NFL and WWE. Under her watch, the streamer also broadened its unscripted slate and pursued large‑scale international co‑productions.
Despite those successes, Netflix has struggled with slowing subscriber growth, weaker engagement and a stock price down about 40 percent over the past year. The company’s 2026 Primetime Emmy haul fell to 16 awards, its lowest count since 2016, underscoring challenges in maintaining cultural relevance.
Peter Rice arrives with a track record of scaling specialty film and television divisions. He began his career at Fox’s movie unit in 1989, later leading Fox Searchlight, and later served as chairman of Walt Disney Television and general entertainment after Disney’s 2019 acquisition of Fox assets. Sarandos described Rice as “one of the most effective at‑scale operators in the entertainment industry,” suggesting he will steer Netflix back toward core, high‑impact projects in the United States and Canada.
The shift is being framed as a “back‑to‑basics” strategy for the film and television divisions, focusing on a disciplined slate rather than aggressive global expansion. Industry observers note the move may also presage further changes within Netflix’s film leadership, including the future of film chairman Dan Lin.
Netflix has not disclosed additional details about Rice’s immediate plans, but the company indicated the new chief will evaluate the content slate and aim to “take the slate to the next level,” especially in its key North American markets.
