In a stunning executive shake-up at the world’s leading streaming platform, Bela Bajaria has exited Netflix after a decade-long tenure with the company, most recently serving as its chief content officer. Her departure marks the end of an era for an executive who played a pivotal role in shaping the modern streaming landscape, steering the company’s vast global output through a period of immense industry growth and transformation.
According to industry reports, Bajaria is being replaced by Peter Rice, a seasoned media veteran and former executive at both Disney and Fox. As the newly appointed chief content officer, Rice will assume command of Netflix’s sprawling global content organization. In this capacity, he will oversee scripted and unscripted television series, feature films, live events, sports programming, and various other content initiatives across all international regions, positioning the streamer for its next phase of creative and operational strategy.
The high-level transition coincides with a significant and painful workforce reduction across the company. Approximately 1,000 employees, representing roughly 6% of Netflix’s total workforce, were laid off in a sweeping restructuring effort that stands as the largest corporate downsizing in the streamer’s history. The restructuring also claimed the positions of several other high-ranking executives, including Netflix Film Vice President Doug Belgrad and film director Sheroum Kim, both of whom were let go as part of the broader corporate contraction.
Co-CEO Ted Sarandos addressed Bajaria’s departure and the broader strategic shift in a statement acknowledging her decade of contributions. "I want to thank Bela for a decade of dedication, innovation, creativity, and leadership," Sarandos said. "She led enormous changes at Netflix. She helped broaden our content offering to include the large-scale expansion of unscripted programming and the launches of live events and sports, in addition to crafting and running a world-class, global slate of films and series. I’m incredibly grateful for everything she’s done to help Netflix entertain the world."
Bajaria originally joined Netflix in 2016 following her departure from NBCUniversal, where she had been serving as the president of Universal Television. During her tenure at NBCUniversal, she had already established strong ties with the streaming giant, producing acclaimed shows that ultimately aired on the platform, including "Unbreakable Kimmy Schmidt" and "Master of None." Initially brought in by Sarandos to help build Netflix’s nascent unscripted division—alongside spearheading licensing and studio co-productions—Bajaria steadily climbed the ranks. She was elevated to head of global television in 2020 following the exit of Cindy Holland and was ultimately promoted to chief content officer in January 2023.
Under her creative watch, Bajaria oversaw a massive roster of critically acclaimed and globally resonant television series and feature films. Her programming slate included powerhouse hits such as "Bridgerton," "Squid Game," "Adolescence," "Beef," "Stranger Things," and "Wednesday," alongside notable cinematic projects like "KPop Demon Hunters" and "Frankenstein." Furthermore, she championed Netflix’s aggressive push into live broadcasting, entertainment specials, and sports entertainment, orchestrating major events like "The Roast of Tom Brady" alongside high-profile content partnerships with the NFL and WWE.
However, despite these sweeping expansions, recent months have brought mounting pressures. As subscriber growth and overall market momentum have cooled across the streaming sector, the glittering cultural footprint of Netflix’s original programming has faced increasing scrutiny. The platform’s awards season performance notably softened; Netflix secured just 16 Primetime Emmy Awards, a steep drop from the 30 trophies it won in the previous year, and a far cry from its dominant 2021 showing when it tied the all-time record for the most Emmys won by a single outlet in a single year with 44. All told, the creative tally marked the lowest Primetime Emmy haul for the streaming service since 2016.
Acknowledging the turbulence, Sarandos addressed the company in an internal memo to staff. "I know this is a big change in a year that has already had its share," Sarandos wrote. "Pero I also see an opportunity to take our slate to the next level, especially in UCAN [United States and Canada] where we have an outsize impact in creating big, buzzy hits that our members love and drive conversation around the world."
The appointment of Peter Rice to fill this critical void brings one of the industry’s most respected traditional media executives into the streaming fold. Rice’s own high-profile ousting from Disney in 2022 by then-CEO Bob Chapek had sent shockwaves through the entertainment industry given his immense stature and deep-rooted creative relationships. Prior to that dismissal, Rice served as the chairman of Walt Disney Television and chairman of general entertainment for the Walt Disney Company. In that massive portfolio, he oversaw a sprawling empire that included ABC, FOX Broadcasting, Fox Sports, ABC News, ABC Studios, Disney Channel, Freeform, FX Networks, Hulu, National Geographic, Onyx Collective, and Twentieth Century Fox Television, managing a slate of over 300 shows and 4,000 hours of television annually.
During his illustrious tenure across traditional broadcasting and cable, Rice was associated with a staggering array of iconic television programming, including "The Simpsons," "American Idol," "Modern Family," "This Is Us," "The Bear," "Abbott Elementary," "Shogun," and "Only Murders in the Building." He also managed extensive news operations at ABC News and major live sporting events such as the Super Bowl, the NBA Finals, and the FIFA World Cup Finals.
Since his departure from the Walt Disney Company, Rice maintained an active presence in the entertainment sector as an independent producer. His recent producing credits include Jason Reitman’s "Saturday Night," the Sony horror features "28 Years Later" and "28 Years Later: The Bone Temple," as well as "Warfare" and Chris Rock’s "Misty Green" at A24. At the time of his hiring by Netflix, he was actively producing Alex Garland’s "Elden Ring," Sonoya Mizuno’s "Stages," and the official opening and closing ceremonies for the upcoming LA28 Olympic and Paralympic Games.
Earlier in his professional trajectory, Rice served as the president of 21st Century Fox and chief executive officer of Fox Networks Group, while also acting as Fox’s lead executive representative on the Hulu board of directors. Before that, he headed Fox Searchlight Pictures, where he successfully championed and guided a generation of beloved independent cinema favorites, including "Slumdog Millionaire," "Juno," "Little Miss Sunshine," and "Sideways."
In welcoming Rice to the streaming giant, Sarandos expressed immense confidence in his operational capabilities and industry reputation. "Peter is one of the most effective at-scale operators in the entertainment industry," Sarandos said. "His business acumen is sharp, his talent relationships are exceptionally strong, and his experience across TV and film is deep and broad. He understands what makes stories resonate, and he’s spent his career helping talent do the best work of their lives. I’m excited to welcome him to Netflix as chief content officer as we continue to scale and deliver members more of the stories they love."
Expressing enthusiasm for his new corporate home, Rice shared his perspective on joining the digital pioneer. "Netflix has fundamentally changed the way stories are made, shared and experienced around the world," Rice said. "They’ve shown again and again that they’re willing to take chances on distinctive voices and fresh ideas, and I’m excited to work with the team to help bring even more great stories to members everywhere."
Mike Schneider contributed to this report.
