Netflix replaces chief content officer in effort to arrest declining share price

{"text":[[{"start":10.24,"text":"Netflix has replaced its chief content officer Bela Bajaria with Hollywood veteran Peter Rice in a dramatic leadership shake-up as the streaming group tries to reverse its declining share price and reaccelerate viewership growth."}],[{"start":24.195,"text":"Bajaria, who has worked at the company for nearly a decade and has overseen its global film and television slate since 2023, is leaving the company. Rice, a former senior executive at Disney and Fox, will take up the role on October 26, Netflix said on Thursday."}],[{"start":41.303,"text":"Bajaria’s departure comes a day after Netflix announced it would cut 6 per cent of its staff, or about 1,000 jobs, in its largest round of lay-offs in at least four years. The company has been grappling with slowing viewer engagement and pressure from investors. Its shares have fallen 40 per cent over the past year."}],[{"start":60.492,"text":"While Netflix continues to dominate the streaming landscape, its film and TV slate has lately struggled to produce the kind of cultural hits that once helped propel its growth, such as Stranger Things and Wednesday."}],[{"start":72.24,"text":"Ted Sarandos, Netflix’s co-chief executive, told a conference last month: “Overall, we’re not growing as fast as I want us to, and we’re working on making that move faster.”"}],[{"start":null,"text":"

"}],[{"start":83.28,"text":"The streaming group’s attempt to buy Warner Bros Discovery earlier this year was seen as an antidote to its programming challenges, giving Netflix access to a vast library of Hollywood’s most valuable franchises and close relationships with the industry’s biggest talents. Paramount, now called Skydance, ultimately trumped its offer for WBD."}],[{"start":103.04,"text":"Sarandos on Thursday thanked Bajaria for helping expand Netflix’s programming into unscripted shows, live events and sports. “She led enormous changes at Netflix,” he said. “I’m incredibly grateful for everything she’s done to help Netflix entertain the world.”"}],[{"start":121.76,"text":"Rice previously oversaw Disney’s TV operations, including ABC, FX, Hulu and its television studios. Before that he held senior positions at 21st Century Fox and Fox Searchlight Pictures, the independent film studio."}],[{"start":132.83,"text":"During his tenure at Disney, the company released critical darlings including Modern Family and Abbott Elementary and greenlit others such as the Jeremy Allen White-helmed The Bear."}],[{"start":144.62,"text":"Sarandos praised Rice as “one of the most effective at-scale operators in the entertainment industry”, citing his relationships with Hollywood talent."}],[{"start":153.729,"text":"Netflix has been experimenting with new kinds of programming, including video podcasts and live sports as it competes for viewers’ attention with YouTube and TikTok. The company is set to report earnings on Tuesday."}],[{"start":167.12,"text":"Rice, as chief content officer, will have full purview over Netflix’s film and TV slate as well as live events. Company insiders are waiting to see who he chooses to lead key roles, and how some big film projects including La Bola Negra and Narnia, led by current film chair Dan Lin, perform."}],[{"start":189.92,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1792122368_3758.mp3"}