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Netflix is replacing its chief creative officer with a veteran TV and film executive, Peter Rice, accelerating efforts to reinvigorate growth and reverse a slowdown in viewers and revenue at the streaming giant.<\/p>\n
Rice previously served as chairman of general entertainment at Walt Disney Co, and, before that, as president of 21st Century Fox. He assumes the new role on October 26, with a broad mandate, overseeing scripted and unscripted series, film and live events across all regions. Rice replaces Bela Bajaria, who had worked at Netflix for 10 years and come to be the public face of the company\u2019s content strategy.<\/p>\n
Peter Rice Photographer: Dimitrios Kambouris\/Getty Images<\/p>\n
The executive shake-up, coupled with Wednesday\u2019s layoffs of some 1 000 workers or 6% of the workforce, are a sign that the streaming industry leader is trying to reinvent itself after seeing its audience growth slow and stock price tumble.<\/p>\n
The service has grown to more than 325 million subscribers globally. But it has evolved from a producer of \u201cprestige TV\u201d shows like House of Cards and The Crown to a broader entertainment source, competing with everything from sports channels to YouTube videos, and doing so on a global basis.<\/p>\n
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Bela Bajaria Photographer: Kyle Grillot\/Bloomberg<\/p>\n
In moving Rice into the role, Netflix\u2019s senior leadership see an opportunity to install an executive with deep relationships to Hollywood talent and experience running a broad portfolio of channels and streaming services. At Fox and later at Disney, he supervised a TV line-up that included hits from The Simpsons to Modern Family.<\/p>\n
Recent Netflix shows have seen their audiences decline in their second seasons. The service saw its Emmy Awards wins fall to a 10-year low in 2026. The stock, which has lost about 23% of its value this year, fell 1.1% in extended trading.<\/p>\n
Netflix co-Chief Executive Officer Ted Sarandos, speaking at the Bloomberg Screentime conference in Los Angeles last month, acknowledged that the company isn\u2019t growing as fast as he would like. While the company has been expanding into live sports and podcasts, the vast majority of Netflix\u2019s roughly $20 billion programming budget goes to films, TV shows and video games.<\/p>\n
\u201cPeter is one of the most effective at-scale operators in the entertainment industry,\u201d Sarandos said in a statement Thursday. \u201cHe understands what makes stories resonate, and he\u2019s spent his career helping talent do the best work of their lives.\u201d<\/p>\n<\/p>\n
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Bajaria was credited with broadening Netflix\u2019s entertainment offerings by expanding its unscripted portfolio and striking a deal with the TKO Group Holdings Inc.to bring the WWE\u2019s weekly wrestling show, Raw, to the streaming service. She memorably described the ideal Netflix program as a \u201cgourmet cheeseburger\u201d \u2014 something that combines quality and broad appeal.<\/p>\n
\u201cLosing Bela Bajaria is a big change, but Peter Rice is very well regarded in the industry,\u201d Alicia Reese, an analyst at Wedbush Securities, said by email. \u201cTo us, this is a step forward, or at least a shift in direction.\u201d<\/p>\n
Netflix\u2019s shift from a streaming service to a platform with more varied content fits Rice\u2019s experience well, Reese said. His experience consolidating Fox\u2019s entertainment assets with Disney suggests that Netflix may look at other acquisitions, such as NBCUniversal when it becomes available, after being outbid by Skydance Corp for Warner Bros Discovery earlier this year.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Netflix #replaces #content #chief #bolster #search #hits<\/p>\n","protected":false},"excerpt":{"rendered":"
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