And… cut!
One of Netflix’s top execs is out as the streaming giant lays off staff amid declining viewership.
Chief Content Officer Bela Bajaria exited after 10 years in the high-profile role, Netflix said Thursday.
As part of its effort to shake things up, the streamer also axed film veep Doug Belgrad and film director Sheroum Kim.
Peter Rice, a former bigwig at 21st Century Fox and Disney, is the next chief content officer, Netflix said.
Bajaria had been viewed as one of the most powerful execs in Tinsel Town, overseeing a massive $20 billion budget for shows and flicks, the Wall Street Journal noted. The streamer released iconic shows like “Squid Game” and “Wednesday” under her watch.
But recent years have seen Netflix struggle to come up with the next must-watch show, and the company axed 1,000 staffers Wednesday – 6% of its workforce.
“I want to thank Bela for a decade of dedication, innovation, creativity and leadership,” Netflix’s co-CEO Ted Sarandos said in a statement.
“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.”
For his part, Sarandos oversaw Netflix’s unsuccessful effort to buy Warner Bros. Discovery last year. The bidding war with Paramount Skydance, which ultimately prevailed, cost Netflix big time – the company’s stock is down 40% over the past 12 months, the Journal noted.
Rice got his start in Fox’s movie branch back in 1989, making a name for himself leading specialty label Fox Searchlight, according to the Journal.
He went on to be a top TV exec, holding a similar role at Disney upon its 2019 acquisition of the lion’s share of 21st Century Fox’s entertainment assets.
He got the ax himself in 2022, during Bob Chapek’s short-lived run atop the House of Mouse.