Netflix is undergoing a major leadership and workforce restructuring as the streaming giant adjusts its content strategy. Peter Rice, a veteran executive whose career includes senior positions at Disney and Fox, has been appointed Chief Content Officer, replacing Bela Bajaria. The management change comes alongside a significant round of layoffs affecting approximately 1,000 employees, representing around 6% of Netflix's workforce. Some of the positions eliminated are reportedly connected to the company's unscripted casting and development operations.

The shake-up arrives only months after another important chapter in Netflix's history came to an end. Co-founder Reed Hastings officially departed the company in June 2026. Hastings created Netflix with Marc Randolph in 1997, initially building the business around DVD rentals delivered by mail before the company transformed itself into one of the world's dominant streaming platforms. He previously stepped down as co-CEO in January 2023, leaving Ted Sarandos and Greg Peters to lead the company while Hastings transitioned to the role of executive chairman.

Despite the internal restructuring, Netflix continues to expand its investments in Japanese animation. The company strengthened its relationship with MAPPA in 2026 through a strategic agreement covering upcoming original anime projects. The partnership gives Netflix exclusive worldwide streaming rights to several future MAPPA productions, while allowing both companies to collaborate across multiple stages of development, from the creation of stories to merchandising initiatives. MAPPA joins a growing network of Japanese studios that have developed business relationships with the platform, including Science SARU, NAZ, Production I.G, Wit Studio, BONES, Anima, Sublimation and david production.

Netflix has also recently reconsidered some of its larger corporate ambitions. In February 2026, the company withdrew from its proposed acquisition of Warner Bros. Discovery after Paramount presented a competing takeover offer that Warner Bros. Discovery considered more attractive. With Peter Rice now overseeing content operations and a substantial reduction in staff underway, Netflix appears to be entering a new phase focused on reorganizing its creative operations while continuing to secure major entertainment partnerships around the world.