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Netflix Cuts 1,000 Jobs as Peter Rice Takes Over

By Drooid · Oct 18, 2026, 2:03 AM UTC · How we work

Summary

Netflix Cuts Jobs

Netflix announced chief content officer Bela Bajaria will leave, with Disney executive Peter Rice succeeding her.
Netflix will cut roughly 1,000 jobs, about 6% of its workforce, across product, technology, legal and HR.
Analysts expect October 20 earnings of $12.8 billion revenue and $0.82 EPS, slower than last year’s 17% growth.
Wedbush projects Netflix’s advertising revenue to double to roughly $3 billion by the end of 2026.

Summary

Netflix Eyes NBCU

Industry insiders speculate Netflix may target NBCUniversal after Comcast plans to spin it off next year.
A late-September dinner between Peter Rice and Skydance CEO Ynon Kreiz sparked board-seat recruitment rumors.
Staff morale plummeted, with employees describing the atmosphere as “gloom and doom” after layoffs.
Dan Lin’s future at Netflix is uncertain, and reports suggest he may exit as Peter Rice assumes his role.

History

Historical Context

Disney’s $71.3 billion purchase of 21st Century Fox, completed on March 20 2019, merged vast film and TV libraries and gave Disney a 30% Hulu stake, sparking a wave of media consolidation. That restructuring set a precedent for today’s streaming rivalry, where Netflix’s 2024 leadership change echoes Disney’s post-Fox re-org and prompts rivals such as Comcast to consider spinning off NBCUniversal.

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Netflix Cuts Jobs

Netflix announced chief content officer Bela Bajaria will leave, with Disney executive Peter Rice succeeding her.
Netflix will cut roughly 1,000 jobs, about 6% of its workforce, across product, technology, legal and HR.
Analysts expect October 20 earnings of $12.8 billion revenue and $0.82 EPS, slower than last year’s 17% growth.
Wedbush projects Netflix’s advertising revenue to double to roughly $3 billion by the end of 2026.

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