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Netflix Lays Off 4 of Its Top TV Execs
The Hollywood Reporter • • business
Key Points:
- Netflix laid off approximately 1,000 employees, including key TV executives such as Lisa Lang McMullen, James Oh, Carolina Garcia, and Andrew McQuinn, marking its largest staff reduction since 2022.
- The layoffs affected about 6% of Netflix’s workforce, primarily impacting product, tech, legal, HR teams, and the movie division, with film VP Doug Belgrad and executive Sheroum Kim also exiting.
- Co-CEOs Ted Sarandos and Greg Peters emphasized the need to prioritize resources and focus on high-impact areas to drive growth and innovation, despite the company’s strong business performance and on-track full-year forecast.
- Sarandos acknowledged slower-than-desired growth and engagement, expressing hope that recent hits like "Below" and "East of Eden" will increase viewer usage and help improve Netflix’s market position.
- Netflix is set to announce its third-quarter earnings next week amid ongoing efforts to balance cost-cutting with investment in content and technology.
