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Netflix Switches Out Bela Bajaria For Peter Rice As Chief Content Officer
Peter Rice // Courtesy of LA28
Big changes at Netflix: the streamer is replacing Chief Content Officer Bela Bajaria with former Disney exec Peter Rice.
The Big Picture: Netflix’s Chief Content Officer is the most powerful Hollywood exec when it comes to spending, with the company boasting an annual $20 billion content budget. That’s a big responsibility. With the streamer struggling to grow over the past year and overall audience engagement slowing, its stock has fallen some 25%. So, the company is looking at a major restructuring of its content team as a way to change the narrative.
Behind The Algorithm: Netflix cut 6% of its workforce this week — its first mass layoffs since 2022 — and Bajaria was given the pink slip, according to Puck.
But Netflix already had a replacement lined up.
Peter Rice was the former Chairman of Walt Disney Television and Chairman of General Entertainment for The Walt Disney Company (a role comparable to Bajaria’s at Netflix) before being ousted by Bob Chapek in 2022.
Since then, Rice has focused on producing movies (28 Years Later, Saturday Night, and the upcoming Misty Green) and was recruited to produce the opening and closing ceremonies for the LA28 Olympic and Paralympic Games.
At Netflix, Rice will oversee all content, including scripted and unscripted series, films, podcasts, sports, and live events.
His first day on the job will be October 26.
Closing Thoughts: Over the past three years, Bajaria has been instrumental in broadening Netflix’s slate, introducing podcasts, wooing digital creators, and landing sports rights like the NFL and WWE. That’s helped turn Netflix into a general-entertainment giant akin to a traditional studio. So, she’ll surely land on her feet somewhere soon.
Meanwhile, Rice is known for his strong creative relationships and wide range of experience. But most importantly for Netflix’s current woes, he’s primarily known as a film and scripted TV guy. Sometimes, it’s important to get back to basics.
Coming Soon: It’s been teased countless times over the years, but it feels inevitable that Netflix will launch a premium theatrical division. Rice has the relationships to make it happen.
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