Netflix Swaps Content Chiefs: Bela Bajaria Is Out, Peter Rice Takes Over
Netflix confirmed on Thursday, October 15, that chief content officer Bela Bajaria is leaving after nearly a decade, with former Disney and Fox executive Peter Rice named as her successor effective October 26. Puck's Matthew Belloni broke the news that afternoon; Netflix initially declined to comment before publishing the appointment on its corporate newsroom that evening. CNBC, Deadline, Variety, Bloomberg and Reuters followed within hours.
"Peter is one of the most effective at-scale operators in the entertainment industry," co-CEO Ted Sarandos said of the hire, citing Rice's business acumen and talent relationships. Of Bajaria he said: "I want to thank Bela for a decade of dedication, innovation, creativity and leadership." In an internal memo he added: "I know this is a big change in a year that has already had its share. But I also see an opportunity to take our slate to the next level, especially in UCAN, where we have an outsize impact in creating big, buzzy hits."
The timing is hard to miss: Netflix began its largest layoff round to date on Wednesday, cutting roughly 1,000 employees, about 6% of its workforce, more than double the roughly 450 roles trimmed in 2022. The co-CEOs' memo said product, technology, legal and human resources took the heaviest hits. Netflix had about 16,000 full-time employees at the end of 2025. Deadline reported rumors of Bajaria's departure had circulated for weeks and were denied internally.
Bajaria joined in 2016 from Universal Television, where she was president, initially running unscripted programming. She took over global television in January 2020 and was named chief content officer in January 2023, the same reshuffle that made Sarandos and Greg Peters co-CEOs. That put her in charge of a content budget of roughly $20 billion a year and a slate spanning Bridgerton, Stranger Things, Squid Game, Wednesday and Beef, plus Netflix's push into live events and sports including WWE and the NFL.
The pressure is about growth. Per Puck, engagement grew only 2% in the first half of 2026. Nielsen data for July put Netflix at 7.8% of U.S. connected-TV viewing against 14.2% for YouTube. Sarandos has conceded the company is "not growing as fast as I want us to." The stock is down about 25% this year and more than 40% below its 52-week high.
The content record also slipped: Netflix entered the 2026 Emmys with 111 nominations and left with 16 wins, its weakest in a decade, down from 30 in 2025, finishing third behind Apple TV+ with 28 and HBO Max with 19. It was shut out of the top drama, comedy and limited series prizes. An attempt to acquire Warner Bros. Discovery also failed; Bajaria said the deal "was always a nice to have at a certain price."
Rice spent about 30 years in Rupert Murdoch's Fox empire, running Fox Searchlight and serving as president of 21st Century Fox, with The Simpsons, Modern Family, Abbott Elementary and Shōgun in his portfolio. After Disney bought Fox he became chairman of Walt Disney Television and chairman of general entertainment, until Bob Chapek pushed him out in June 2022 and Dana Walden succeeded him. At Netflix he will oversee scripted and unscripted series, film and live events across all regions.
The reshuffle reached beyond the top job. Film vice president Doug Belgrad and film director Sheroum Kim are also out, along with TV executives Carolina Garcia and James Oh, while film chairman Dan Lin was spared. All eyes are now on whether Rice reshapes Bajaria's remaining bench.
For agencies and producers this is a real transfer of power. WME co-chair Richard Weitz called Bajaria "transformational" and said talent who worked with her will miss her. One prominent rep told Variety he wished he had bought Netflix stock that morning. Wedbush analyst Alicia Reese framed the Rice hire as a positive strategic pivot, and NFLX shares ticked up after hours.
The first real test arrives Tuesday, October 20, when Netflix reports third-quarter results after the bell. Guidance calls for revenue of $12.86 billion, up 11.7%, operating income of $4.268 billion and a 33.2% margin; analysts expect EPS of $0.82 on revenue of about $12.88 billion. Netflix targets full-year revenue of $51.0 billion to $51.4 billion and about $3 billion of advertising revenue in 2026, roughly double last year. How Rice programs the slate will decide whether this swap stops the bleeding or marks a turning point.