Netflix restructures film group as it scales back movie output- Bloomberg News
Reuters
Published Mar 30, 2023 11:58PM ET
Updated Mar 31, 2023 06:21AM ET
(Reuters) - Netflix Inc (NASDAQ:NFLX) is restructuring its film group, resulting in some layoffs and the departure of two of its most experienced executives, Bloomberg News reported on Thursday.
As part of the restructuring, Netflix will combine its small and mid-sized picture productions units, cut a few jobs, scale back its output to ensure high quality titles and centralize decision-making, the report, which cited the company, said.
Netflix, which won four Academy Awards for its "All Quiet on the Western Front", did not immediately respond to a Reuters request for comment.
The world's dominant streaming service has been trying to focus on revenue growth, including planning a crackdown on password sharing as it lost subscribers in the first half of the year amid intense competition by rivals like Paramount+ and Disney+.
Lisa Nishimura, responsible for documentaries and smaller-budget films, and Ian Bricke, a vice president in the film group, will be leaving after more than a decade with the company, Bloomberg News said.
Reuters could not immediately reach Nishimura and Bricke for comments.
The executives' departure comes after Reed Hastings stepped down in January as the chief executive of the company, handing over the reins to co-CEO Ted Sarandos and chief operating officer Greg Peters.
The streaming giant in February cut prices of its subscription plans in some countries, looking to maintain subscriber growth, while also laying off hundreds of employees last year to lower costs after it lost subscribers.
(This story has been corrected to fix the number of Academy Awards Netflix won to four in paragraph 3)
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Written By: Reuters
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