UPDATE 1 — Netflix cuts about 6% of jobs in biggest layoff since 2022, WSJ reports
(Adds details and background throughout) Oct 14 (Reuters) — Netflix is cutting about 6% of its workforce, or roughly 1000 jobs, the Wall Street Journal reported on Wednesday, citing an email sent to employees. This marks its biggest round of layoffs since 2022, as the streaming giant faces intense competition for users' time in a consolidated media market. Co-Chief Executives Greg Peters and Ted Sarandos said in an email to employees on Wednesday morning that the bulk of the cuts would be in the streaming giant's product, tech, legal and human-resources teams, the report said. Netflix lost out to Paramount Skydance in the bidding war for Warner Bros Discovery's streaming and studio assets earlier this year. Paramount completed its $110 billion acquisition of Warner Bros earlier this month to form Skydance, a media giant with a portfolio of leading news and film studios. (Reporting by Prathik Jayaprakash in Bengaluru; Editing by Leroy Leo) ((Prathik.Jayaprakash@thomsonreuters.com; +91 9916364306)
(Adds details and background throughout) Oct 14 (Reuters) — Netflix is cutting about 6% of its workforce, or roughly 1000 jobs, the Wall Street Journal reported on Wednesday, citing an email sent to employees. This marks its biggest round of layoffs since 2022, as the streaming giant faces intense competition for users' time in a consolidated media market. Co-Chief Executives Greg Peters and Ted Sarandos said in an email to employees on Wednesday morning that the bulk of the cuts would be in the streaming giant's product, tech, legal and human-resources teams, the report said.
Netflix lost out to Paramount Skydance in the bidding war for Warner Bros Discovery's streaming and studio assets earlier this year. Paramount completed its $110 billion acquisition of Warner Bros earlier this month to form Skydance, a media giant with a portfolio of leading news and film studios. com; +91 9916364306)