Business
CROSS-SPECTRUMBROAD COVERAGE
Netflix cuts about 1,000 jobs, slashing 6% of its workforce
Netflix announced it is eliminating roughly 1,000 positions, representing about 6% of its staff, in its largest layoff to date.
The streaming giant said the cuts will mainly affect its product, technology, legal and human-resources divisions. Co-CEOs Ted Sarandos and Greg Peters explained the move in an internal memo, stressing the need to align resources with the company’s ambitious mission to entertain the world. The decision follows a report that the company is tightening its cost structure.
How this was covered
- Coverage peaked at 11 outlets in a single hour
Why it matters
The cuts affect thousands of workers and signal a shift in Netflix's cost strategy amid a competitive streaming market.
In this story
layoffs1,000 jobs6% workforceproduct teamtechnology teamlegal departmenthuman resourcesco-CEOsentertain the world
