Netflix cuts about 6% of jobs in biggest layoff since 2022, WSJ reports
Most of the job cuts will be in the company’s product, tech, legal and HR teams
NETFLIX is cutting about 6 per cent of its workforce, or roughly 1,000 jobs, in its biggest round of layoffs since 2022, the Wall Street Journal reported on Wednesday (Oct 14), citing an email sent to employees.
The streaming giant’s layoffs come as it faces intense competition for users’ time in a consolidated media market.
The bulk of the job cuts would be in the streaming giant’s product, tech, legal and human-resources teams, the report said, citing the email to employees by co-chief Executives Greg Peters and Ted Sarandoson on Wednesday morning.
Netflix did not immediately respond to Reuters’ request for comment.
The company had about 16,000 full-time employees at the end of last year.
The streaming company has been expanding beyond its subscription business, investing in advertising, live programming and gaming to diversify its revenue sources.
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 US$110 billion acquisition of Warner Bros earlier this month to form Skydance, a media giant with a portfolio of leading news and film studios. REUTERS
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