Netflix restructures film group as it scales back movie output- Bloomberg News

FILE PHOTO: FILE PHOTO: Smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. REUTERS/Dado Ruvic/File Photo/File Photo/File Photo

(Corrects number of Academy Awards won in paragraph 3)

(Reuters) -Netflix Inc 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.

(Reporting by Yana Gaur and Baranjot Kaur in Bengaluru; Editing by Varun H K and Nivedita Bhattacharjee)

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!


Next In Tech News

Woman vanished weeks ago. Home cameras were unplugged at ‘crucial times’, US cops say
Woman angry at man sought a hitman over the dark web to shoot him at work, US feds say
TSMC expects H2 performance to be better than H1
Exchange operator Cboe gets nod to launch leveraged crypto derivative products
Microsoft to pay $20 million to settle US charges for violating children's privacy
How pointless meetings can harm well-being at work
Factbox-Here's what Apple unveiled at WWDC: Vision Pro, 15-inch MacBook Air, OS updates
Snap hires new head of engineering from Google
About ducking time: Apple to tweak iPhone autocorrect function
IMF's Gopinath warns AI risks 'substantial disruptions' in jobs markets- FT

Others Also Read