Netflix film head Dan Lin is leaving the company following content chief Bela Bajaria’s exit and mass layoffs. Ted Sarandos said, “Peter is one of the most effective at-scale operators in the entertainment industry.” Netflix stock fell 23% since early 2026 as the firm faces slowing engagement and tough times.
The two departures take place amid concerns over slowing engagement on the world's largest streaming service. Engagement data has pointed to users spending more time on creator-led video platforms such as YouTube.
Last week saw the streaming giant lay off about 1,000 workers, almost 6% of the total workforce. Netflix co-Chief Executive Officer Ted Sarandos earlier told Bloomberg News that the company isn’t growing as fast as he would like.
The streaming giant has been facing a tough time this year. According to Bloomberg, recent shows at Netflix have seen their audiences decline in their second seasons. The year also saw a 10-year low for the streaming at the Emmys, and their stock has fallen by 23% since the start of 2026. The company is scheduled to report third-quarter results after markets close on Tuesday.
The new leadership at Netflix
On Thursday, while announcing Bela Bajaria's exit, Netflix said that former Disney executive Peter Rice would be replacing her. On Monday, Netflix added that Rice will oversee the films division until a new head is announced. He assumes the new role on October 26.
“Peter is one of the most effective at-scale operators in the entertainment industry. He understands what makes stories resonate, and he’s spent his career helping talent do the best work of their lives,” Ted Sarandos said in a statement on Thursday.