Major Changes at Netflix

And… cut!

Netflix is shaking things up, and one of its top executives, Chief Content Officer Bela Bajaria, is leaving after a decade in the role. The announcement was made on Thursday.

In addition to Bajaria, the company is also letting go of film vice president Doug Belgrad and film director Sheroum Kim as part of its restructuring efforts.

Peter Rice, who previously held significant roles at 21st Century Fox and Disney, will step in as the new chief content officer.

Bajaria was often seen as a powerful figure in the industry, managing a hefty budget of around $20 billion for the production of shows and films, according to reports. During her tenure, Netflix released popular titles like “Squid Game” and “Wednesday.”

However, Netflix has recently struggled to generate buzzworthy content, and just this Wednesday, the company laid off about 1,000 employees—roughly 6% of its workforce.

In a statement, co-CEO Ted Sarandos expressed gratitude for Bajaria’s decade of work, recognizing her contributions in driving innovation and expanding Netflix’s content offerings, including the growth of unscripted programming and the introduction of live events and sports.

Interestingly, Sarandos was also part of Netflix’s failed attempt to acquire Warner Bros. Discovery last year—a bid that ended up being costly, as the company’s stock has taken a hit, dropping 40% in the past year.

Rice began his career in 1989 within Fox’s film division and gained recognition for leading the specialty label Fox Searchlight. He later became a prominent figure in TV at Disney after its acquisition of a hefty portion of 21st Century Fox’s entertainment operations in 2019. However, he also faced career setbacks, being let go in 2022 during Bob Chapek’s brief leadership at Disney.