Netflix shares are locked in a bear market, down nearly 25% year-to-date, as the platform's viewership growth has slowed and recent shows have seen troubling audience declines in their second seasons.
Bloomberg reports that chief creative officer Bela Bajaria has been abruptly booted and is set to be replaced later this month by veteran entertainment executive Peter Rice.
Rice, a former senior executive at Walt Disney and 21st Century Fox, will take the reins on October 26 and oversee scripted and unscripted series, films, and live events worldwide.
Bajaria's exit comes after more than ten years at the streaming platform, where she was head of global TV from November 2016 to January 2023, then chief content officer until now.
What's notable during that time is that Netflix first snuck woke propaganda into its shows and movies, and that subtle agenda became very overt as the left-wing messaging failed to resonate with a majority of Americans.
The leadership change follows Wednesday's announcement of roughly 1,000 job cuts, equivalent to 6% of the workforce.
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