Netflix Replaces Content Chief Peter Rice, Cuts 1,000 Jobs Ahead of Earnings

Netflix has replaced Chief Content Officer Bela Bajaria with industry veteran Peter Rice and initiated layoffs of roughly 1,000 employees, representing about 6% of its global workforce, ahead of its Oct. 20 earnings report. Co-CEOs Ted Sarandos and Greg Peters announced the headcount reductions via an internal memo, primarily affecting product, technology, legal, and human resources roles. The restructuring comes as Netflix confronts slowing viewership growth—with first-half 2026 viewing hours up just 2%—rising content costs projected to climb 10%, and a share decline of over 40% over the past year.