Netflix has hired a new content chief after a stock slump and struggles to grow its viewership.
Peter Rice, a former Fox and Disney executive, will oversee Netflix’s $20 billion budget for movies and shows starting on October 26, the company announced on Thursday.
Rice will replace Bela Bajaria, who’s leaving the company after almost a decade. Bajaria took the top content job in 2023 and memorably described the ideal Netflix show as a “gourmet cheeseburger.”
The exec shake-up came a day after the streaming giant laid off about 1,000 employees, its biggest round of layoffs in four years.
Netflix has had a tough year.
Co-CEO Ted Sarandos said at a Bloomberg media event last month that Netflix is “not growing as fast as I want us to, and we’re working on making that move faster.”
Shares are down nearly 40% in the past 12 months as investors increasingly worry about slower viewership growth and the company’s long-term direction. Netflix’s attempt to buy Warner Bros. — which was ultimately stymied by David Ellison’s Paramount — soured the Wall Street narrative about the company’s future.
Rice was previously the head of Disney’s TV arm, where he ran Hulu and networks like ABC, Disney Channel, and FX. He was fired from the Mouse House in 2022 by former Disney CEO Bob Chapek and replaced by Dana Walden, who’s now Disney’s creative chief.
“Peter is one of the most effective at-scale operators in the entertainment industry,” Sarandos said in a statement. The co-CEO added that Rice’s “business acumen is sharp, his talent relationships are exceptionally strong, and his experience across TV and film is deep and broad.”
Bajaria “led enormous changes at Netflix,” Sarandos said, crediting her for helping the streamer broaden its content mix to live events and sports.
Under Bajaria, Netflix had hits like “KPop Demon Hunters” — its biggest movie ever — as well as breakout shows like “Wednesday” and Emmy Award winner “Adolescence.”
However, Netflix’s engagement growth was only 2% in the first half of 2026, and the company has faced increased competition from free streamers like YouTube and Tubi. YouTube is now well ahead of Netflix as the most-watched service on US TV screens.
Netflix, which had more than 325 million subscribers as of its last disclosure in January, remains the clear leader among paid streaming services. That said, Rice will have to figure out the right content mix to fend off both its Hollywood rivals and social-media competitors like Instagram and TikTok.
