Netflix Regime Change: Ruthless Cuts Set the Stage for a New Era at Streaming Giant

Netflix has replaced chief content officer Bela Bajaria with former Fox executive Peter Rice in a surprise move that has unsettled staff and signalled a possible change in the company’s strategy. The leadership shake-up comes alongside layoffs and a steep fall in Netflix shares, adding to uncertainty for employees and Hollywood executives.

Bajaria had recently appeared at Cannes and announced a World Cup media rights deal, and reportedly did not know she would be removed until at least Wednesday. Film chief Dan Lin is also under scrutiny after his deputy, Doug Belgrad, was among those laid off; Lin had reorganised the film division by genre to simplify its operations. Netflix is expected to discuss its plans at an analysts’ briefing and a company town hall on 21 October, while its shares are down more than 45 per cent from a year earlier.