Netflix Fires Bela Bajaria as Peter Rice Takes Over Content

By Marcus Bennett

Netflix fired chief content officer Bela Bajaria on Thursday and named Peter Rice, the former general entertainment chairman of the Walt Disney Company, as her replacement. Word of her ouster leaked before Bajaria could address most of her internal teams, according to multiple industry sources.

The company that popularized the "Keeper Test" is known for abrupt exits. Even so, many in Hollywood considered Bajaria too big to fail despite Netflix's recent stock struggles. In nearly a dozen conversations with industry players on Thursday afternoon, one word came up repeatedly about her dismissal: "scapegoat."

Rice's credentials are not in question. "I wish I bought stock this morning," one major talent rep said about the hire. What remains unexplained, per the sources, is how Bajaria fell out of favor so quickly.

What does the dismissal change for content?

Netflix is against the ropes after slowing user engagement rattled Wall Street and layoffs arrived this week as a sacrifice to the share price. Bajaria's dismissal signals that content will take the hit again, the sources said.

"People always blame the content," said one source, "but you don't lay off 1,000 people unless there's a big problem with the business model."

"The problem isn't engagement," said another person with knowledge of Netflix. "It's that the only lever to pull for revenue growth is raising the subscriber price. How's that Bela's problem? Where's the CFO and the CEO?"

How did Bajaria's tenure end this way?

Her exit echoes the shocking 2020 removal of Cindy Holland, who oversaw flagship hits like "House of Cards," "Stranger Things" and "The Crown." Ted Sarandos combined English-language and international content under Bajaria that year, elevating her to the largest autonomous content job in the streamer's history.

One insider with knowledge of Netflix observed that Holland built a business of boutique hits. Bajaria invested in local-language productions and built Netflix's global presence, opening almost two dozen international offices during her reign. She is credited internally with pushing the streamer into live entertainment and was on the "ground floor" of licensing deals with WWE and the NFL, significant draws for the ad-supported tier. She appeared most recently at Sarandos' side at the Los Angeles premiere of Ben Affleck's "Animals."

She may also have hit thin ice after Netflix won just 16 Primetime Emmy Awards this year — its worst showing since 2016, down from 30 in 2025. That marks a sharp turn from 2021, when Netflix tied the record for most Emmys won by an outlet in a single year, with 44.

"In her decade at Netflix, Bela's impact has been undeniable — from attracting new talent, bringing live sports, concerts and events to driving the company's global expansion and push into new areas of entertainment," WME co-chair Richard Weitz told Variety. "Simply put, she's been transformational and I know her worldwide team and the talent who have worked with her will miss her."

Why Peter Rice, and why now?

Rice entered the picture only weeks ago, when he was reported to be interviewing with Skydance co-CEO Ynon Kreiz for a top position at that newly combined company. One source familiar with the men said the lunch was called so Kreiz could request that Rice replace him on the board of Mattel, his former company. Either way, it signaled that Rice was done with semi-retirement, which included a producing deal with A24, and ready for a big job. A separate rumor on Thursday said Rice had recently met with NBCUniversal; a source familiar with NBCU said no job was in play under Donna Langley, and a spokesperson had no comment.

Another lunch may have proven consequential. Earlier this year, Sarandos was spotted dining with HBO chief content officer Casey Bloys, prompting speculation he was courting Bloys for Bajaria's job. The spin machine reframed the meeting as a pitch for a production deal. At a Bloomberg conference last week, Sarandos downplayed it: "He's a good guy," he said of Bloys. "For some reason, we had a very well-publicized lunch."

In hindsight, after Sarandos leveled the ax on Bajaria following 10 years, is a lunch ever just a meal? Rice has lately led ceremonies and content for the Los Angeles 2028 Olympic Games. He is seen as the rare executive who has headed both major film and TV businesses, having run Fox Searchlight, the Fox network and, ultimately, 21st Century Fox as president before Disney's acquisition.

What happens next?

Netflix reports Q3 earnings next Tuesday, and observers speculated the results will be extremely disappointing. At the Screentime event, Sarandos was asked about slower growth — 2% year-over-year growth in user engagement during the first half of 2026. "Yes, overall, we're not growing as fast as I want us to, and we're working on making that move faster," he said. Bajaria's exit, it turns out, was part of that change.

Rice inherits a depleted team. Wednesday's pink slips took out a slew of television executives:

• Carolina Garcia, director of original series, after a decade
• Andy Kubitz, scheduling head
• Lisa Lang McMullen, director of overall deals, series
• Andrew McQuinn, director of original series
• James Oh, director of original drama series
• Jason Pan, manager, original series creative development

The film group under Dan Lin appears safe for now, after VP Doug Belgrad's departure earlier this week. All eyes turn to Rice's plans, including whether they retain Bajaria's lieutenants such as U.S./Canada scripted series head Jinny Howe and film lead Lin. As one streaming insider put it: "eventually, everyone's time comes at Netflix."