chairman

Netflix replaced one of its top executives in a major management shake-up on Thursday, a day after the company announced it was laying off 6% of its staff.

Chief Content Officer Bela Bajaria is leaving the company after a decade, Netflix said in a statement. She will be replaced by former Disney executive Peter Rice, who was most recently chairman of Walt Disney Television and chairman of general entertainment for Walt Disney Co.

“Peter is one of the most effective at-scale operators in the entertainment industry,” Netflix Co-Chief Executive Ted Sarandos said in the statement. “His business acumen is sharp, his talent relationships are exceptionally strong, and his experience across TV and film is deep and broad.”

Bajaria’s exit comes as Netflix has been under pressure from investors to turn out more hit shows and movies and increase the amount of time consumers spend on the platform amid rising competition from other streamers.

“Due to the slowdown in massive hits and viewer growth, an ax was gonna fall on some executives who led content strategy,” said Ross Benes, senior analyst at research firm Emarketer.

Bajaria oversaw the teams responsible for Netflix content around the world. She joined Netflix in 2016 and was named chief content officer in 2023. She was instrumental in expanding Netflix’s reach internationally and the streamer’s push into live events.

Hits released on Netflix during Bajaria’s tenure include the 2025 animated movie “KPop Demon Hunters” and crime drama series “I Will Find You.” Under her leadership, Netflix grew its reach in live programming, streaming NFL games as well as WWE matches. The company also changed its film strategy to focus on fewer movies that aimed to be bigger and better.

She also played a key role in helping Netflix generate large audiences for its non-English-language original series, reality shows and programs that featured talent from underrepresented communities.

But her tenure also coincided with mounting challenges to growing Netflix’s business.

Free, ad-supported streaming services like YouTube are increasingly taking up more streaming hours and investors are concerned about how Netflix will continue to grow. YouTube represented 14.2% of streaming time in the U.S. on TVs compared to Netflix’s 7.8% in July, according to Nielsen data.

Netflix has said efforts like live programming have been successful at getting significant subscription sign-ups. While live programming represents 5% of Netflix’s content budget, it holds 1% of watch time on the streaming service, Sarandos has said.

The company also was poised to buy Warner Bros. Discovery, which would have dramatically increased its library of content, but Netflix bowed out of the auction after the price became no longer “financially attractive.”

Netflix stock has declined 40% from a year ago. Shares closed Thursday at $72.61, up 3%.

“The drop in share price has been staggering,” said Stephen Galloway, dean of Chapman University’s Dodge College of Film & Media Arts. “That plunge, plus the negative reaction to its move to buy Warner Bros. left it vulnerable, and so you have to do two things. One is right the ship, but you also need to send a message to shareholders that you’re taking action.”

In a memo to staff announcing the change in leadership, Sarandos wrote, “I know this is a big change in a year that has already had its share. But I also see an opportunity to take our slate to the next level, especially in UCAN [U.S. and Canada] where we have an outsize impact in creating big, buzzy hits that our members love and drive conversation around the world.”

Rice is an experienced corporate executive who spent nearly three decades navigating Rupert Murdoch‘s media empire, serving as president of 21st Century Fox and CEO of Fox Networks Group.

He also brings deep roots in the feature film world, having previously run Fox Searchlight Pictures, which could mean he will want to put his own stamp on Netflix’s film group, Galloway said. That group is currently led by executive Dan Lin.

“Netflix has fundamentally changed the way stories are made, shared and experienced around the world,” Rice said in a statement. “They’ve shown again and again that they’re willing to take chances on distinctive voices and fresh ideas, and I’m excited to work with the team to help bring even more great stories to members everywhere.”

Bajaria did not respond to a request for comment.

On Monday, the GMCA released a statement about Burnham’s meetings with Man City in his role as mayor for the region for almost a decade.

The statement said he had a formal meeting with Al Mubarak in October 2021 at the UK Government’s Global Investment Summit, arranged by the Department for International Trade; and that he met the club chairman “informally in the stands” at a testimonial match in 2019 for former player Vincent Kompany.

It also said that “in his capacity as mayor, he was a guest of Manchester City at home matches on a small number of occasions”.

But the statement did not specify that this referred to, external two hospitality dinners he had with the Manchester City chairman at separate matches.

A previous GMCA register of declarations for Burnham, seen by the BBC, detailed a “dinner with [then-Manchester City Council leader] Richard Leese and Chair of Man City” for an Everton match at the Etihad stadium in August 2017, valued at £300 for hospitality.

Below is another entry for “dinner with the Chairman at the Man City/Man Utd derby at the Etihad” in April 2018, valued at approximately £699.

Burnham previously declared those dinners, alongside a £150 pair of tickets to see Ed Sheeran perform at the stadium in May 2018.

But the register of declarations has since been deleted from the GMCA website, as first reported by The Sun. The BBC understands it is the authority’s policy to only publish entries from the current mayoral term.

BBC News has asked GMCA for more details about this policy – given its website has entries dating back to 2022, despite the current mayoral term beginning in 2024.

Downing Street has defended the two dinners with Man City’s chairman, saying this was hospitality received at home games, which had been declared, rather than separate meetings with the club chairman.

But political pressure on Burnham to be clearer about any former discussions with Man City is continuing to mount.

Tory shadow sports minister Louie French said: “Andy Burnham promised the country and House of Commons full transparency on his dealings with Manchester City.

“This was essential after his inappropriate intervention into football.”

And Reform UK’s Robert Jenrick said “this saga stinks” as he accused Burnham of having apparently “concealed his extensive links to Man City’s owners”.

Conservative leader Kemi Badenoch has demanded for several days that No 10 release all details of meetings between the prime minister and senior figures at the club.

Burnham told the Rest Is Politics podcast last week he was “happy” to do this and would “quite clearly put out there everything that I have done working with them in my previous role as Mayor of Greater Manchester”.

“None of it is recent, actually, in terms of the meetings I had. I only had one significant meeting, actually, and that was in 2021.”

Asked at Prime Minister’s Questions on Wednesday whether anyone at the club had raised the charges they were facing with him or his team, Burnham said: “They did not raise those issues with me.”

With the PM continuing to face pressure on the issue, he told MPs he was happy for “everything to be set out in full”, referring to the GMCA’s statement as “a full statement of my key dealings with the owners of Manchester City Football Club”.

When asked by reporters why the statement did not refer to the two dinners, and what the difference is between “everything” and “key dealings”, the PM’s press secretary referred back to the GMCA statement.

The list of meetings, which was published by the GMCA on Monday, did not include detail on what was discussed. The BBC has asked GMCA why the two dinners were not specifically mentioned.

In September Man City – which has dominated the top flight of English football for years – was found guilty by an independent commission of breaching Premier League financial regulations.

The commission found City had broken rules over a nine-year period between 2009 and 2018 by creating “sham” contracts with commercial partners to secretly funnel more than £830m into their football operations.

Sanctions are yet to be announced and City, which denies any wrongdoing, has lodged an appeal against the verdict.

Earlier this month, Sir Richard Leese – who was head of Manchester City Council for 25 years until 2021 – defended a decade-old deal between the council and Man City owners Abu Dhabi United Group (ADUG).

Under the partnership between the authority and the company, which is linked to the United Arab Emirates royal family, land was leased to ADUG at “below comparable rates”, according to a University of Sheffield report.

Paramount Skydance’s streaming chief Cindy Holland is exiting the studio, clearing the way for HBO Chairman Casey Bloys to claim a key role in the company once Paramount acquires Warner Bros. Discovery.

Holland announced her departure Tuesday in a memo to her staff. Her resignation is effective immediately.

She joined Paramount nearly 14 months ago as chairman of direct-to-consumer operations, in charge of Paramount+ and Pluto TV, after David Ellison’s Skydance Media took control of the media company long held by the Sumner Redstone family.

Holland, a respected former Netflix executive, was one of the few Paramount executives who lacked long ties to Ellison, who brought much of his Skydance team with him to Paramount.

Her resignation comes as Paramount is waiting for a federal judge to approve a settlement agreement that would allow Paramount to finalize its $111-billion purchase of Warner Bros. Discovery, which also includes CNN, TBS and the Warner Bros. film and television studios.

The agreement, unveiled last week, was designed to end a lawsuit brought by California Atty. Gen. Rob Bonta and 11 other Democratic attorneys general, who had argued Hollywood’s biggest merger in decades violated U.S. antitrust laws.

“As David readies for the next phase of his vision, we’ve discussed my role and the future of the combined businesses,” Holland wrote in the memo shared with her staff viewed by the Times. “David is optimizing for HBO stability as we move into this next chapter, and I fully support that.”

Ellison, in recent months, has signaled his intention to install Bloys in a pivotal role at the combined company.

Ellison months ago made a public commitment to protect HBO, which has long been a leader in prestige TV programming. The network has already undergone two ownership changes, and considerable management turmoil, during the last decade. Bloys has led HBO as its chairman since late 2022. He was one of the first Warner executives that Ellison met with this year after Paramount prevailed over Netflix in the bidding war for Warner Bros. Discovery.

The New York Times first reported Holland’s departure.

“Cindy has been a trusted partner to me and so many others, and I couldn’t be more grateful for her leadership, her relentless drive and everything she’s done for our company,” Ellison said in a statement.

Manchester City are understood to be ready to appeal any guilty verdict, but could face ‘severe penalty’ says ex-chair.

Former Manchester City chairman David Bernstein said the club could face potentially “drastic” sanctions after reportedly being found guilty on all but one of 115 charges for breaching Premier League financial rules.

The Premier League has not made an official announcement over the case and there is no indication of any possible punishment.

Abu Dhabi-backed City have always strenuously denied the charges and a club spokesperson said the position had not changed.

It is understood City will appeal should the charges be upheld.

“The club has diligently respected due process for eight years on the basis that the Premier League board and executive would behave as an independent, impartial and fair-minded regulator, free from partisan influence,” the spokesperson said.

City were charged by the Premier League in 2023 following an investigation into alleged breaches of rules between 2009 and 2018.

The club were accused of failing to provide accurate financial information and details of payments to players and coaches, as well as breaches of financial sustainability rules.

They were also charged with failing to cooperate with an investigation.

A hearing by an independent commission started in September 2024.

Man City face ‘severe penalty’

Bernstein, who was City chairman between 1998 and 2003, told Times Radio that “money is not sufficient” in terms of a potential punishment, urging a swift appeal process.

“The appeal process cannot go on for year after year, I think that would be a disaster,” he said, “not just for this particular case but for English football generally. The timing is crucial.

“I can’t give a view on the punishment. If they are found, after the appeal, guilty of [the] charges, my beloved club is going to face a very severe penalty.

“All I would say is that money is not sufficient, it would have to be something, unfortunately, more drastic than that.”

Oasis star and City fan Noel Gallagher described his “shock” at the developments.

Speaking on the Let Me Talk podcast, he said: “Surprised because only that the club have assured us all along that they vehemently denied any of these charges.

“So it was a bit of a shock to find out that we’ve been found guilty of all but one. But really overall just quite sad really. Sad for the fans and for the players.”

UK culture secretary Lisa Nandy described the case as “unsettling” for football fans and called for a swift resolution.

In 2020, UEFA imposed a two-year European ban on City as well as a fine for breaking financial fair-play rules, though that ban was later overturned by the Court of Arbitration for Sport.

If the reported guilty verdicts are confirmed, sanctions could include a severe points deduction and possibly even expulsion from the Premier League.

Everton and Nottingham Forest were both hit by points deductions in the 2023/24 season for single breaches of profit and sustainability rules.

Other Premier League clubs are understood to be taking legal advice about compensation relating to the charges.

Under the ownership of Sheikh Mansour, whose Abu Dhabi United Group acquired the club in 2008, City have become the dominant force in English football.

They have won eight Premier League titles, a Champions League crown and multiple other trophies over the past 15 years.

The latest developments in the case come just months after former City manager Pep Guardiola left the club following a golden decade in charge at the Etihad.

Guardiola always backed the club’s stance on the charges but threatened to walk away if he felt he had been lied to and they were proven to be true.