Netflix has appointed former Disney executive Peter Rice as its new Chief Content Officer, replacing Bela Bajaria, in a move aimed at revitalizing the streamer’s engagement and growth. Rice brings extensive experience in television, film, and live sports from his previous roles at Disney and Fox. This leadership change comes amid Netflix’s efforts to address stagnating viewership and recent workforce reductions.
Netflix is making a significant leadership change in its content division, bringing in former Disney executive Peter Rice to steer the streaming giant's global content strategy. This move comes as Netflix grapples with stagnating viewership and faces increasing pressure to re-energize its subscriber base.
Rice, who previously served as Chairman of Walt Disney Television and Chairman of General Entertainment for Disney, will take over as Chief Content Officer. He replaces long-time Netflix executive Bela Bajaria, who had led the company's content efforts, including its foray into live sports and a substantial $20 billion content budget. Bajaria was instrumental in the success of popular shows like "Stranger Things," "Wednesday," and "Squid Game," as well as films such as "Frankenstein" and "K-Pop Demon Hunters." She also spearheaded Netflix's expansion into live events, securing deals with the WWE and NFL, and producing shows like "The Roast of Tom Brady."
Netflix’s big executive shakeup: Here’s what you need to know
VIDEO: 01:06 Source: Squawk on the StreetRice brings a deep well of experience from his time at 21st Century Fox, where he was president, and CEO of Fox Networks Group. His background also includes leading Fox Searchlight Pictures, contributing to acclaimed films like "Slumdog Millionaire," "Juno," and "Little Miss Sunshine." At Disney, he managed a vast portfolio of channels, including ABC, Disney Channel, Hulu, and FX Networks, overseeing the production of hundreds of shows and major sporting events like the Super Bowl and the FIFA World Cup. Under his leadership, Disney garnered numerous Emmy nominations and wins.
This executive shift follows a challenging period for Netflix. The company recently laid off approximately 1,000 employees, representing 6% of its workforce, mirroring cuts made in 2022 after its first subscriber loss in over a decade. In July, Netflix reported a modest 2% viewership increase in the first half of the year, with co-CEO Ted Sarandos acknowledging that growth is not as rapid as desired. Analysts suggest that user engagement may have remained soft, with breakout hits being crucial for the stock's resurgence.
Rice's experience also extends to theatrical distribution, and he has recently ventured into independent producing, working on films like "Saturday Night" and developing an adaptation of the video game "Elden Ring." His expertise in studio consolidation and broader content ecosystems is seen as a valuable asset as Netflix explores potential M&A opportunities and aims to broaden its content offerings beyond traditional streaming.
