Netflix is laying off 1,000 employees as part of a broader corporate restructuring. The company is downsizing its legal, product, and tech departments while removing its chief content officer, film chairman, and film vice president.
Bela Bajaria was dismissed from the company, and Dan Lin, who joined the firm in 2024, has also exited. Peter Rice joined the company as chief operating officer, bringing experience from his previous roles as president of 21st Century Fox and chairman of Walt Disney Television.
Rice was fired by Bob Chapek in 2022 before taking his new position at Netflix. Netflix failed to acquire Warner Bros., which was instead purchased by David Ellison’s Paramount.
CEO Ted Sarandos stated that the company is "just not growing as fast as it could or as fast as we’d like" and noted that "content around the world is largely working." Sarandos said the firm needs "better execution" and praised the dedication and innovation of the departing staff.
The company plans to give The Magician’s Nephew theatrical runs and is attempting to secure an Academy Award for La bola negra.
