Business · Companies · 2 hrs ago
Netflix names Peter Rice its new content chief
Netflix has named Peter Rice its new content chief, replacing Bela Bajaria, who is leaving after almost a decade at the company.
Rice, a former Fox and Disney executive, will oversee Netflix’s $20 billion budget for movies and shows starting October 26.
The change comes as Netflix faces slower audience growth and a falling share price: engagement grew 2% in the first half of 2026, and shares fell nearly 40% over the past 12 months.
Netflix also laid off about 1,000 employees a day before announcing Rice’s appointment, its biggest round of layoffs in four years.
Rice brings experience running Disney’s TV business, including Hulu and networks such as ABC, Disney Channel and FX.
Netflix remains the leading paid streaming service, with more than 325 million subscribers at its last disclosure in January, but YouTube is watched more on US TV screens.
Rice will need to shape Netflix’s content mix to compete with Hollywood rivals and free or social platforms such as YouTube, Tubi, Instagram and TikTok.
Netflix has named former Fox and Disney executive Peter Rice as its new chief content officer, replacing Bela Bajaria.
Rice will oversee the company’s $20 billion budget for movies and shows starting October 26.
Bajaria is leaving after joining Netflix in 2016 and taking the top content job in 2023.
The change comes amid a stock slump and slower viewership growth, as Netflix faces competition from free streaming services and social media.
Netflix co-CEO Ted Sarandos praised Rice’s industry experience and talent relationships.
- Who
- Peter Rice will become Netflix’s chief content officer, replacing Bela Bajaria.
- What
- Netflix announced a change in its top content role. Rice will oversee its $20 billion budget for movies and shows.
- When
- The change was announced on October 15, 2026. Rice is due to start on October 26.
- Where
- Netflix. The sources do not specify a location for the appointment.
- Why
- The appointment comes amid a stock slump, slower viewership growth and increased competition.
This story does not have two clearly opposing sides.
Bajaria joined Netflix.
Bajaria took the top content job at Netflix.
Netflix laid off about 1,000 employees, according to Business Insider.
Netflix announced Rice would replace Bajaria as chief content officer.
Rice is due to start overseeing Netflix’s movies and shows budget.
- Incoming chief
- Peter Rice
- Departing chief
- Bela Bajaria
- Rice’s start date
- October 26, 2026
- Content budget Rice will oversee
- $20 billion
- Netflix layoffs
- About 1,000 employees, according to Business Insider
- Stock decline
- Nearly 40% over the past 12 months, according to Business Insider
6 sources
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Netflix Names Peter Rice As Chief Content Officer
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What people are saying
Netflix has fundamentally changed the way stories are made, shared and experienced around the world
Peter is one of the most effective at-scale operators in the entertainment industry.
not growing as fast as I want us to, and we're working on making that move faster.