Netflix Aims Next Round of Layoffs at the Top

Netflix's latest plot twist is happening behind the camera. Days after cutting about 6% of its workforce under an internal restructuring dubbed "Project Meridian," the streamer pushed out content boss Bela Bajaria and, soon after, film chief Dan Lin—moves that signal leadership thinks its programming slate isn't delivering enough must-watch hits, reports the Wall Street Journal. Veteran Peter Rice is taking over Bajaria's job, and sources tell Deadline that a replacement for Lin won't be forthcoming until Rice is onboarded.

Co-CEO Ted Sarandos has privately griped about sluggish viewing in the US and a shortage of breakout series on the level of Stranger Things and Squid Game, even as rivals like YouTube and TikTok gobble up more screen time. Netflix disputes outside data showing flat US subscriber growth this year, and it still boasts the industry's lowest churn rate. But as it brings in Rice to oversee a roughly $20 billion content budget and leans back into core TV, movies, and theatrical releases, the streamer's earnings call on Tuesday is shaping up as a referendum on its next act.