On October 20, 2026, Netflix replaced chief content officer Bela Bajaria with Peter Rice and fired head of film Dan Lin. Reporting since has widened the frame: sources say Bajaria was scapegoated for pressure on the company, a round of layoffs hit the series side, and film VP Doug Belgrad, who took over Narnia after Lin, was laid off. Netflix had its worst Emmys in 10 years and lost Sean Levy, David Fincher and Noah Baumbach. Rice now oversees a roughly $20 billion content budget, the stock is down nearly 40 percent over the past year, and 2026 ad revenue is now expected at $2.7 billion, down from about $3 billion. The discussion weighs whether the shakeup addresses the spending.