Netflix's Bela Bajaria Exits as Content Chief; Peter Rice Returns in Streamer Shakeup

LOS ANGELES — Netflix's chief content officer Bela Bajaria is leaving the company after a decade, with former Fox and Disney executive Peter Rice replacing her, the streamer announced Thursday. The news comes less than 24 hours after Netflix laid off 300 employees in what insiders described as the company's deepest restructuring since its subscriber crunch of 2022.

Bajaria, 51, joined Netflix as vice president of original content in 2016 after a 20-year career at NBCUniversal, where she oversaw development of "The Office" and "Parks and Recreation" for the network. She was promoted to head of global television in 2020 and to chief content officer in 2023, overseeing a content budget estimated at $17 billion annually.

"Bela has been an extraordinary leader during a period of incredible growth," Netflix co-CEO Ted Sarandos said in an internal memo. "She leaves with our deepest gratitude and respect." Bajaria said in a statement that she planned to "take some time off before my next chapter."

Peter Rice, 58, returns to a major studio role for the first time since his ouster from Disney in 2022. Rice previously ran Fox Broadcasting's entertainment division and served as Walt Disney Television's chairman, where he oversaw ABC, FX and National Geographic. His hiring signals a potential shift in Netflix's content strategy toward more traditional showrunner-driven development rather than the data-driven approach that defined Bajaria's tenure.

The layoffs, which affected roughly 5 percent of Netflix's U.S. workforce, were concentrated in the marketing and unscripted television departments. Netflix said the cuts would save approximately $150 million annually, which the company plans to reinvest in live programming including its growing sports portfolio.

Netflix recently acquired the rights to WWE's "Raw" and has bid on Formula 1 broadcasting rights, departing from its historical aversion to live events. Analysts at LightShed Partners noted that Netflix now spends more than any other studio on content but still generates less revenue per subscriber than Disney+ or HBO Max, suggesting the content strategy shift may have been driven by investor pressure to improve margins.

Reporting by Deadline and Variety. Read the original reports: Netflix's Chief Content Officer Bela Bajaria Exiting and Netflix's Bela Bajaria Leaving Amid Layoffs; Peter Rice Replaces Her.