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- Netflix Falls 3% as Peter Rice Takes Over Content After Layoffs; Disney and Spotify Hold Steady
Netflix shares fell 3% to $70.35 in morning trading, leaving them down 25% year to date, after the streamer named Peter Rice chief content officer to succeed Bela Bajaria, who is leaving after nearly a decade. Rice, who previously ran general entertainment at Disney and oversaw ABC, FX and Hulu, takes over later this month, one day after Netflix decided to cut roughly a thousand jobs in its largest layoff round in four years. Disney and Spotify were near flat at $110.71 and $533.77, while the Communication Services ETF (XLC) rose 0.4%. The article says the bull case rests on Rice's operating record and a lower cost base, while the bear case points to slowing growth and execution risk in Netflix's most important division. Rice's first programming approvals could offer the earliest read on his direction.
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Rivian CEO RJ Scaringe’s startup Mind Robotics has hired Doug Field as president, giving him day-to-day control of product, engineering and operations while Scaringe remains involved. Founded last year, Mind Robotics has raised more than $1 billion from investors including Accel, Andreessen Horowitz, Kleiner Perkins, and the venture arms of Volkswagen and Salesforce, and is building robots and foundation-model software for industrial manufacturing. Unlike humanoid robots from Tesla and others, its robots won’t try to mimic all human biomechanics, and Rivian is its first customer and a high-volume environment for training and deployment. Field left Ford in April after five years shaping its EV and technology strategy, and previously led Apple’s canceled Project Titan and engineering for Tesla’s Model 3.
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- Here's who Netflix just brought in to run content — and what it means for the streamer
Netflix is reshuffling its content leadership, with former Disney executive Peter Rice replacing 10-year veteran Bela Bajaria as chief content officer overseeing global content. The move comes days after the streamer laid off roughly 1,000 employees, or 6% of its workforce, amid stagnating viewership. Netflix reported viewership rose just 2% in the first half of the year, and Nielsen data showed YouTube at 14.2% of TV viewing versus Netflix's 7.8%. Rice previously served as chairman of Walt Disney Television and oversaw the production of more than 300 shows. BMO analyst Brian Pitz wrote that Bajaria's departure likely signals engagement remained soft in the third quarter, and Netflix is set to report fiscal third-quarter earnings on Tuesday.
- Netflix Chief Content Officer Bela Bajaria is leaving, will be replaced by Peter Rice
Netflix announced that Bela Bajaria, its chief content officer, is leaving after nearly 10 years and will be replaced by former Disney executive Peter Rice, effective Oct. 26. Rice most recently oversaw Disney's cable channels, news programming and major sports coverage, and will now lead Netflix's global content organization across scripted and unscripted series, film and live events. Co-CEO Ted Sarandos praised Rice as one of the most effective operators in the entertainment industry. The announcement came a day after Netflix cut roughly 6% of its workforce, about 1,000 jobs, and its shares are down more than 20% this year. The company will report its next quarterly earnings on Tuesday.
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