Netflix names Peter Rice content chief as it cuts 6% of staff

Key Facts

Netflix announced the appointment of Peter Rice as chief content officer, succeeding Bela Bajaria, in a leadership change that coincides with about 1,000 job cuts and investor concerns over viewership. The company said in its appointment statement issued on October 15 that Rice would lead content globally. His responsibilities include scripted and unscripted series, films and live events across all regions where the platform operates. Rice brings experience from Disney, where his responsibilities included overseeing more than 300 shows and 4,000 hours of television production annually. Ted Sarandos praised his abilities in the company's statement, saying: "He has sharp business acumen."

The job cuts announced by Netflix represent 6% of its global workforce, according to Bloomberg, and primarily affect technology and corporate teams. The news agency said most of the cuts were concentrated in product, technology, legal and human resources teams. It identified the affected teams based on a memo the company's co-chief executives sent to employees and reviewed by the agency. The co-chief executives described Netflix's business in the memo as "strong and growing" as they announced the workforce reduction. The company had about 16,000 full-time employees at the end of the previous year, according to a Reuters report published before the cuts were announced.

Bajaria is leaving her role after joining Netflix in 2016, according to Reuters, ending a tenure that included the company's expansion into live streaming. She became chief content officer in January 2023, before Rice was announced as her successor. Under her leadership, the business expanded through multiyear partnerships with World Wrestling Entertainment and the National Football League. As part of its sports expansion, Netflix also secured exclusive rights to stream the 2030 World Cup in Spain and Andorra, according to an official company announcement. Those rights cover all 104 matches in the tournament, adding to the live-streaming activities Rice will oversee.

On the financial front, Netflix's revenue reached $12,560 million in the second quarter of 2026, according to the company's shareholder letter accompanying its results for that period. The company attributed revenue growth primarily to membership growth, pricing and increased advertising revenue. Hours viewed rose 2% in the first half of the year, according to the same letter. Netflix compared that performance with growth of 1.5% during 2025, reflecting an acceleration in the growth of total viewing hours. Revenue growth was driven by memberships, pricing and advertising, while the time audiences spent watching the platform's content continued to increase.

In the market, Netflix shares rose 0.7% during the session in which the layoffs were announced, according to a Reuters report published that day. The stock was down about 25% from the start of the year through that report, despite its gain that session. Reuters linked the backdrop to Rice's appointment to investor concerns over viewership and competition for audiences' time. It noted that YouTube and TikTok attract viewers with free user-generated content, competing with Netflix's offerings. According to the agency, that content gives the two platforms a cost advantage over the streaming company, whose activities include films, series and live events.

Attention is turning to third-quarter results and the business outlook, which Netflix scheduled for release on October 20, 2026. The company said the release would be at about 1:01 p.m. Pacific time, according to its investor relations announcement. Its guidance issued alongside second-quarter results projected third-quarter revenue of $12,860 million, the target announced ahead of the results. The release will be followed by a live interview with management starting at 1:45 p.m. in the same time zone to take questions from sell-side analysts. After the scheduled earnings release, Rice will formally begin his duties on October 26, according to the company's announced timetable for the new chief content officer to take office.