Netflix has appointed former Disney and 21st Century Fox executive Peter Rice as its chief creative officer, replacing Bela Bajaria as the streaming giant looks to strengthen its content strategy and revive growth.
Rice will assume the role on October 26, overseeing the platform’s scripted and unscripted series, films and live events across markets. He previously served as chairman of general entertainment at Walt Disney and president of 21st Century Fox.
The appointment comes amid mounting challenges for Netflix, including slowing audience growth, intensifying competition and a decline in its stock price. The company also laid off around 1,000 employees, representing approximately 6% of its workforce, on Wednesday.
Despite having more than 325 million subscribers worldwide, Netflix faces competition from an expanding range of entertainment platforms, including sports streaming services and YouTube. The streaming service has also experienced audience declines for some shows in their second seasons, while its Emmy wins fell to a 10-year low in 2026. Its stock has lost around 23% of its value this year.
Speaking at the Bloomberg Screentime conference in Los Angeles last month, Netflix co-CEO Ted Sarandos acknowledged that the company was not grow
