Ted Sarandos and Greg Peters’ Last Stand at Netflix
Hello everyone. Today’s update will take us to video streaming land.
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Ted Sarandos and Greg Peters’ Last Stand at Netflix
Despite continuing to claim all is well, Netflix has unleashed a wave of firings and layoffs. Chief content officer Bela Bejaria, film chief Dan Lin, and a handful of other content executives have been fired in recent days. The firings are in addition to a broader 6% workforce reduction.
Hollywood isn’t sure what to make of the firings and layoffs. TV bloggers and influencers are still debating the broader issues impacting Netflix. Some people, including Netflix management, are convinced Netflix doesn’t even have an engagement problem.
The wave of mass layoffs and executive firings has all the makings of being Ted Sarandos’ and Greg Peter’s last stand as Netflix co-CEOs. The moves amount to finger-pointing. With Netflix’s stock price down 25% year to date (S&P 500 is up 12% YTD), it’s not difficult to envision how the past few Netflix board meetings have gone (spoiler: not fun).
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