Netflix Shocker: Bela Bajaria Leaving After 10 Years Amid Layoffs

Netflix chief content officer Bela Bajaria is leaving the streaming giant after a decade, with former Disney and Fox executive Peter Rice stepping in to replace her starting October 26. The executive shake-up follows a massive round of layoffs affecting about 1,000 employees amid slowing viewership growth and a steep stock decline.

Bela Bajaria, who assumed the top creative role in early 2023 after overseeing its global television operations and unscripted division, is exiting the firm following weeks of rumors regarding her future. Her departure coincides with the company shedding 1,000 employees, representing roughly 6 percent of its global workforce, in what marks the streamer’s largest workforce reduction in four years.

Before her ascent to the chief content officer position, Bajaria was hired by the streamer a decade ago after running Universal Television at NBCUniversal. During that prior run, she produced shows like Unbreakable Kimmy Schmidt and “Master of None” that ultimately became hits on the streaming service. Co-chief executive officer Ted Sarandos initially brought her on to help launch an unscripted division, alongside licensing and studio co-productions. She was subsequently promoted to head of global in 2020 following the departure of Cindy Holland.

Ted Sarandos and Netflix Executives Credit Bajaria With Global Expansion

During her ten years at the company, Bajaria transformed its creative footprint by expanding unscripted programming, launching live events, and pushing into sports broadcasting. Co-chief executive officer Ted Sarandos praised her contributions in a memo sent to staff members following the announcement.

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. I’m incredibly grateful for everything she’s done to help Netflix entertain the world.

CEO Ted Sarandos

Under her leadership, the platform delivered massive international hits including “Squid Game,” “Bridgerton,” Stranger Things, and “Wednesday.” Her portfolio also featured titles such as “Beef,” “Adolescence,” “KPop Demon Hunters,” and “Frankenstein.” She also championed a mindset toward original content focused on mining and distributing hyper-local programming—such as Spain’s La Casa de Papel (Money Heist) and India’s “Delhi Crime”—to reflect the expanding international subscriber base.

Beyond traditional series and films, she pushed the platform into live events and sports, overseeing stunts like The Roast of Tom Brady, a boxing match between Jake Paul and Mike Tyson, and securing broadcast rights for several NFL games per season, the 2027 FIFA Women’s World Cup, select Major League Baseball games including the Home Run Derby, and World Wrestling Entertainment partnerships.

Peter Rice Takes Over Content Operations as Stock and Engagement Lag

Stepping in to fill the role is Peter Rice, a veteran media executive whose long career includes leading 20th Century Fox and Walt Disney Television before his departure from Disney in 2022. Rice will officially assume the chief content officer position on October 26, overseeing global movies, scripted and unscripted series, and live events.

Rice joined 20th Century Fox in 1989 and served as president of the film production and distribution company starting in 2017, later becoming president and CEO of Fox Networks Group before the studio was acquired by The Walt Disney Company. Once Disney acquired the studio, he became chairman of Walt Disney Television as well as chairman of General Entertainment for the company, before being let go in 2022 by then-CEO Bob Chapek and later joining the LA28 Olympics group to oversee content for the games.

During his tenure running major television divisions, he oversaw a broad scale of programs including “The Simpsons,” “American Idol,” “Modern Family,” “This Is Us,” “The Bear,” Abbott Elementary, “Shogun,” and Only Murders in the Building, alongside ABC News programming and sporting events like the Super Bowl, NBA Finals, and FIFA World Cup Finals. Since being let go from Disney, he has worked as a producer on movies such as Saturday Night, 28 Years Later, 28 Years Later: The Bone Temple, “Warfare,” and “Misty Green.”

Company shares have fallen nearly 40 percent compared to a year prior, driven by investor anxiety over slower viewership growth and the company’s long-term direction, compounded by a previous attempt to buy Warner Bros. that was stymied by Paramount. Overall engagement on the service rose just 2 percent during the first half of the year, while the streamer’s original programming saw a dip in critical accolades, capturing only 16 Primetime Emmy Awards—down from 30 in 2025 and 44 in 2021, marking Netflix’s lowest haul since 2016.

Internal Restructuring Cuts Across Film and Television Divisions

The restructuring has extended well beyond executive suites, impacting high-ranking creative personnel across multiple departments. Alongside Bajaria’s exit, film vice president Doug Belgrad and director Sheroum Kim were among those let go during the sweeping staff reductions. Television executives including Lisa Lang McMullen, James Oh, Andrew McQuinn, and Carolina Garcia were also impacted by the layoffs, which targeted unscripted casting and development teams.

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