Netflix Is Searching For Its Next Big Story. The Protagonist? Itself

Netflix has made a major leadership and staffing shake-up as it refocuses its content operation under new hire Peter Rice, amid questions about how well the company’s broader bets are performing. The changes come as investors increasingly value Netflix like a traditional media company rather than a technology giant, putting pressure on it to explain its strategy and growth prospects.

About 1,000 employees were let go, alongside content chief Bela Bajaria and film head Dan Lin. Co-CEOs Ted Sarandos and Greg Peters say Netflix will keep pursuing its goal of being a must-have entertainment service, with added emphasis on US-focused original hits, sports and live events, and attracting top creative talent. The company is also exploring local broadcaster partnerships and adding other streaming services to its offer.