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Netflix taps Peter Rice to run content after Bela Bajaria exits

Milena Thomas
Published Oct 15, 2026
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Summary:
  • Netflix said Thursday that Bela Bajaria will be succeeded by former Disney executive Peter Rice as chief content officer on Oct. 26.
  • The move follows layoffs announced Wednesday that cut about 6% of staff, roughly 1,000 jobs.
  • Shares have dropped over 20% so far this year; in Thursday's after-hours session the stock barely moved, and earnings are slated for Tuesday.

What changed

Bela Bajaria is departing Netflix after nearly 10 years, and Peter Rice will step in as chief content officer effective Oct. 26. Bajaria most recently led the global content team and had been guiding Netflix's live sports push, aiming to turn high-profile games and tournaments into marquee happenings.

Who Peter Rice is and what he will do

Netflix described Rice as "one of the entertainment industry's most respected creative executives." He will oversee Netflix's worldwide content group, which includes live events as well as film, and both scripted and unscripted series. While at Disney, Rice managed the company's cable networks, its news shows, and its reporting on major sporting events, following prior posts at 21st Century Fox and Fox Searchlight Pictures.

"Peter is one of the most effective at-scale operators in the entertainment industry," co-CEO Ted Sarandos said. "I'm excited to welcome him to Netflix as Chief Content Officer as we continue to scale and deliver members more of the stories they love." Rice added, "[Netflix has] shown again and again that they're willing to take chances on distinctive voices and fresh ideas, and I'm excited to work with the team to help bring even more great stories to members everywhere." Sarandos also thanked Bajaria, saying, "I'm incredibly grateful for everything she's done to help Netflix entertain the world."

When leadership and industry shifts matter to your investments, get clear context each morning from the free Market Briefs

The backdrop and what to watch next

The leadership switch comes a day after Netflix eliminated around 6% of its workforce - about 1,000 roles. The stock has fallen more than 20% this year and barely moved in extended trading on Thursday. The company reports quarterly earnings on Tuesday.

There is fresh attention on how Netflix approaches live events as part of its content mix. CNBC Sport aired a 29:52 segment featuring Bajaria discussing the company's live events strategy. For viewers and investors, the takeaway is simple: Netflix is trying to broaden what "Netflix night" can be, and leadership changes like this shape what shows up on your screen - and how sticky those subscriptions feel.

Markets move alongside media and consumer trends, so sign up for Market Briefs newsletter to understand the implications in five minutes

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