Netflix co-CEOs hold town hall after 1,000 layoffs
Greg Peters told staff the cuts were over for the foreseeable future, while Ted Sarandos said incoming content chief Peter Rice starts next week.
Netflix co-CEOs Ted Sarandos and Greg Peters addressed staff at a company town hall on October 21, 2026, a day after the streaming service's third-quarter earnings call and in the wake of 1,000 layoffs, according to Deadline.
At the town hall, Peters indicated the job cuts were over for the foreseeable future. Sarandos said incoming Chief Content Officer Peter Rice officially starts next week and did not attend the town hall, praising Rice's experience leading TV networks, movie studios and streaming services.
Sarandos told staff Netflix could do better, especially in the United States, and spoke about the business flywheel working but needing better execution and a refocus on shows that work globally.
The shakeup also included the ouster of head of Film Dan Lin. Netflix replaced Chief Content Officer Bela Bajaria with Rice, and Bajaria was thanked for her 10 years at the company on both the earnings call and at the town hall.
Executive change came a week earlier
Netflix appointed Rice as Chief Content Officer, replacing Bajaria, a week before the town hall. A day before the town hall, the company reported mixed third-quarter financial results on its earnings call.
From 2019 until his 2022 ouster, Rice signed off on greenlight decisions for Hulu series including Only Murders in the Building, Dopesick, The Dropout and The Great. He was President of Fox Searchlight Pictures during the era of Slumdog Millionaire and Little Miss Sunshine, CEO of Fox Networks Group and Chairman of Walt Disney Television.
Quick answers
When does Peter Rice start as Netflix Chief Content Officer?
Ted Sarandos said at the town hall that Rice officially starts next week and was not at the town hall.
Are more Netflix layoffs planned?
Greg Peters indicated at the town hall that job cuts were over for the foreseeable future.
Who did Peter Rice replace at Netflix?
Rice replaced Bela Bajaria as Chief Content Officer.