Netflix Replaces Content Chief

Netflix has appointed former Fox and Disney executive Peter Rice as its new chief content officer, following a significant stock decline and sluggish engagement growth.

Starting October 26, Rice will oversee Netflix's $20 billion film and television budget. He succeeds Bela Bajaria, who is departing after nearly a decade at the streaming giant. Bajaria had led Netflix's content division since 2023, steering major hits like KPop Demon Hunters, Wednesday, and Adolescence, while expanding the platform into live sports and events.

The executive shake-up comes just a day after Netflix laid off roughly 1,000 employees—its largest round of job cuts in four years.

The streaming leader has faced a challenging year, with shares plummeting nearly 40% over the past 12 months due to investor concerns over slowing growth and strategic direction. A failed attempt to acquire Warner Bros.—which was ultimately blocked by Paramount—further unsettled Wall Street sentiment. Last month, Netflix Co-CEO Ted Sarandos acknowledged at an industry event that the platform was "not growing as fast as I want us to."

Engagement growth rose just 2% during the first half of 2026 as competition intensified from free streaming platforms, particularly YouTube, which has surpassed Netflix in U.S. television watch time.

Rice previously led Disney’s television division, overseeing platforms including Hulu, ABC, Disney Channel, and FX, before his departure in 2022. Praising the appointment, Sarandos highlighted Rice’s deep industry relationships, business acumen, and extensive experience across film and television.

While Netflix remains the dominant paid streaming platform with over 325 million subscribers, Rice faces the immediate challenge of recalibrating the company's content strategy to withstand pressure from both traditional media rivals and social video platforms like TikTok and Instagram.

source: Business Insider

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