Netflix Cuts 1,000 Jobs and Three Executives in "Project Meridian" Restructuring

Netflix is undergoing a significant internal overhaul, resulting in the departure of three top executives: Bela Bajaria, the content chief; Dan Lin, who led the film division; and deputy Doug Belgrad. The streaming giant revealed plans for around 1,000 job cuts, equating to roughly 6% of its total workforce, marking its most extensive layoffs since 2022. Co-CEO Ted Sarandos pointed to a lack of growth in September as a catalyst for this restructuring. In the third quarter, net profits soared to $3.66 billion, a 44% increase year-on-year, on revenues of $12.87 billion, an 11.8% rise. Advertising revenue forecasts for 2026 were lowered from $3 billion to $2.7 billion. Peter Rice will take over Bajaria's role, while Lin's replacement is yet to be announced. Film distribution will revert to traditional methods, with La bola negra set for release on October 16 and Narnia: The Magician's Nephew scheduled for February.