Netflix announced Thursday that Peter Rice, a former executive at Disney and Fox, will assume the role of chief content officer, taking responsibility for the company’s global content operations spanning scripted and unscripted series, films, and live events. Rice replaces Bela Bajaria, who departs after a decade with the streaming service during which she oversaw major titles including “Stranger Things,” “Bridgerton,” “Squid Game,” and “Wednesday,” while also helping expand Netflix into live sports programming.
The leadership transition occurs amid mounting pressure on Netflix’s business performance. The company recently conducted layoffs affecting approximately 1,000 employees, or 6% of its workforce, marking the largest workforce reduction since 2022. In July, Netflix reported that viewership grew only 2% in the first half of the year, and co-CEO Ted Sarandos acknowledged the streamer is “not growing as fast as I want us to.” Industry analysts view Bajaria’s departure as a potential sign that user engagement difficulties persisted into the third quarter.
Rice brings extensive experience in entertainment leadership. He previously served as chairman of Walt Disney Television and head of general entertainment for Disney, overseeing more than 300 shows across broadcast and streaming platforms including ABC, Disney Channel, Hulu, and FX Networks. His credits include productions such as “The Bear,” “Abbott Elementary,” “American Idol,” and “Modern Family.” Under his management, Disney earned approximately 300 Primetime Emmy nominations between 2021 and 2022, winning nearly 60 awards. Before his Disney tenure, Rice was president of 21st Century Fox and CEO of Fox Networks Group.
Rice’s appointment signals Netflix’s strategic intent to revitalize content production and compete against rivals like YouTube, which commands nearly double Netflix’s television viewership share. Analysts note that Rice’s experience managing major studio consolidations at Fox and Disney could prove valuable if Netflix pursues additional acquisitions in the entertainment sector. His background also encompasses theatrical film production and live sporting events, positioning him to help Netflix develop a more diverse content portfolio across multiple entertainment categories.
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