Exits

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.

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.

Published on
21/09/2026 – 11:46 GMT+2

Volkswagen, Europe’s largest automaker, is no longer among the eurozone’s blue chips.

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Index provider Stoxx confirmed the change in its annual review at the start of September, and it came into force before trading began on Monday, with Finnish telecoms group Nokia returning to the index and French utility Engie joining.

Dutch information-services group Wolters Kluwer was also dropped.

The removal is mechanical rather than a judgement, as the index is weighted by free-float market value, and Volkswagen’s shrinking valuation no longer cleared the threshold.

However, the consequences are real, as funds that track the benchmark must now sell their Volkswagen holdings, adding to pressure on a stock already under strain. Stellantis suffered the same fate last year.

Volkswagen shares have fallen almost 30% since the start of the year and are down over 6% since last Monday’s open, trading at roughly €76 at the time of writing.

A profit warning to match

The timing could hardly have been worse.

On Friday, Volkswagen flagged around €10 billion in one-off charges and cut its operating margin forecast for 2026 to no more than 1%, down from a previous range of 4% to 5.5%. Analysts had expected 4.1%.

More than €6 billion of the charges stem from a writedown at Porsche, in which Volkswagen holds a 75.4% stake, after the sports car maker lowered its medium-term expectations.

Porsche has been hit hard by American tariffs and weak Chinese demand for foreign luxury brands, and managed a margin of just 1.1% last year.

A further €2 billion or more covers expanded early retirement schemes, impairments in China and the planned sale of Volkswagen Osnabrück GmbH, a wholly owned subsidiary and automotive manufacturing plant located in the northwest German city of Osnabrück.

The company warned of “further deterioration in the market environment, especially in China, as well as an accelerated shift in demand in favour of battery-electric vehicles.”

The warning came two weeks after it agreed its largest-ever restructuring, doubling planned job cuts to 100,000 and halving its model line-up.

However, not everyone reads the numbers as a collapse.

Stripping out the one-off items, Volkswagen puts its underlying margin at around 4%, and it kept its cash flow and liquidity forecasts unchanged.

Deutsche Bank, which rates the shares a buy with a €115 price target, said it believes “the headline significantly overstates the deterioration in the underlying business.”

The bank does not expect the pain to end there as it wrote that “additional restructuring charges simply confirm that the transformation process is very expensive and complex […] we expect more to follow over the coming months.”

Volkswagen’s third-quarter results are due on 29 October.

CINCINNATI — Dodgers left-hander Blake Snell left his start against the Cincinnati Reds on Wednesday after one inning, with what the team identified as left groin tightness.

Snell gave up one hit, a single to Sal Stewart, which he quickly erased with a successful pick-off that caught Stewart in an inning-ending run-down.

Snell threw 19 pitches. Blake Treinen replaced him in the second inning.

Wednesday marked Snell’s eighth start of the season. His 2026 debut was delayed by shoulder fatigue. After one start, he landed back on the injured list to undergo arthroscopic surgery to remove loose bodies from his left elbow.

Since returning, he hasn’t given up more than one run in a start. Through Wednesday’s abbreviated outing, Snell has a 1.86 ERA.

Snell has a history of left groin and adductor strains. He spent time on the IL in 2021, 2022 and 2024 for such injuries.