Netflix cuts about 1,000 jobs, including several TV division leaders
Netflix announced a layoff affecting roughly 1,000 employees, about 6% of its workforce, with senior TV executives among those dismissed.
Netflix said it is reducing its staff by roughly 1,000 workers, representing about 6 percent of its global workforce. The cuts include senior television executives Lisa Lang McMullen, James Oh, Carolina Garcia and Andrew McQuinn, who held director-level roles in overall deals, drama series and original series. Additional departures include managers of original series, adult animation comedy and original animation.
The restructuring also impacted the film division, with film vice president Doug Belgrad and executive Sheroum Kim leaving the company. Co-CEOs Ted Sarandos and Greg Peters communicated the reduction in an internal email, stating that the company remains "strong and growing" and will continue to invest in high-impact areas to improve its service.
"Our mission — to entertain the world — is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources," the memo read.
"We know changes like this are tough, but let’s stay focused. This is one of the most dynamic times in the history of entertainment — and it’s a moment perfectly suited to a company like ours that’s built at the intersection of technology and entertainment," the co-CEOs added.
Netflix plans to release its third-quarter earnings next week. At a recent industry event, Sarandos noted that the company is not growing as quickly as desired and hopes new releases such as "Below" and "East of Eden" will boost viewer engagement.