What Netflix's Exec Purge Means for Its Movies and TV

Matt Belloni (0:05)

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Matt Belloni (2:11)

Blur.

It is Monday, October 19th. I got a text last Thursday from a usually reliable source asking if I had heard yet about the Netflix executive shakeup. I assumed he was talking about Dan Lin, the head of the film group. He'd been rumored to be on the chopping block. Nope, this source said, think bigger. A few hours later, I broke the news in my puck newsletter that Bela Bajaria, the Netflix chief content officer since 2023, and a key TV executive at the company since 2016, also a guest on the show.

She was fired by co-CEO Ted Sarandos and replaced with Peter Rice, a longtime Fox and then Disney executive. The move surprised a bunch of people in town. Bela is generally well-liked and she succeeded in her mandate to broaden out the Netflix programming with everything from more local language, global hits to the firehose of true crime documentaries. But we also know Netflix is in a tough spot right now. Engagement on the platform, that's the Netflix word for viewership. It was up only 2 percent in the first half of 2026 despite all those new YouTube creators and video podcasts. Sarandos said last month, it's quote, not where we want it to be.

Netflix hasn't had as many buzzy watercooler shows or movies this year. And this is the most important fact. The stock price is down about 40 percent year over year. The company just laid off about a thousand employees and its failed bid for Warner Brothers has spooked investors into thinking Netflix might be just like all the other media companies looking for some kind of growth narrative that isn't just about price increases. So who is Peter Rice? I actually just saw him in Toronto. He produced the new Chris Rock movie. And of course, he mentioned none of this was happening when I saw him. But most importantly, what does this changing of the top content executive mean for the movies and shows and other stuff on Netflix? For that, we waited a couple of days to talk about this with Lucas Shaw, our Monday guy, back from his honeymoon. Today is the Netflix executive shocker and a possible new direction for Hollywood's biggest streamer. From The Winger and Puck, I'm Matt Belloni and this is The Town.

Okay, we are here with Lucas Shaw, the snarkiest possible reporter in Hollywood. Welcome back, Lucas.

Lucas Shaw (4:32)

Great to be back. So much happened while I was gone.

Matt Belloni (4:35)

I know. You leave town.

Lucas Shaw (4:37)

I leave town, an Instagram video from my conference goes viral, and then Netflix blows up its entire org structure. And just know, I was lying in bed Thursday night with my wife in Venice, when you first posted about the Bela news. I did not sleep great that night because I was adamant that I'm not working on vacation, which I stuck to.