Former Disney executive Peter Rice is joining Netflix as chief content officer, replacing Bela Bajaria amid stagnating viewership and recent layoffs.
01Summary
- 01Peter Rice will become Netflix's chief content officer, overseeing global content including scripted and unscripted series, film and live events.
- 02He replaces Bela Bajaria, a 10-year Netflix veteran who spearheaded the company's $20 billion content budget and pushed into live sports.
- 03Netflix's viewership grew only 2% in the first half of this year, and the company recently laid off about 1,000 employees, or 6% of its workforce.
- 04Rice previously served as chairman of Walt Disney Television, overseeing more than 300 shows including 'Modern Family' and 'The Bear'.
- 05Analysts suggest Bajaria's sudden exit may signal ongoing soft user engagement, with Netflix set to report fiscal third-quarter earnings on Tuesday.
02Why it matters
This executive shake-up signals Netflix's push to revive engagement and broaden its content hub, potentially affecting the shows and features available to subscribers.
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