Netflix's hire of Peter Rice puts Sarandos's streaming creed at risk

Netflix named Peter Rice chief content officer, replacing Bela Bajaria, who was dismissed by co-chief executive Ted Sarandos, Variety reported on October 17, 2026. The appointment is being read as a signal about cinema's place at the company, and it should be.

Rice is a film executive by formation. He ran Fox Searchlight from 2000 to 2009, a run that included Slumdog Millionaire, Juno, Little Miss Sunshine and Sideways, before moving to Fox Networks Group, 21st Century Fox and Walt Disney Television. Handing him both film and television at a streaming service that has spent a decade arguing theaters are optional is not a neutral personnel choice.

The surrounding decisions point the same way. Greta Gerwig's Narnia: The Magician's Nephew, with a reported budget of $280 million, is set for a full theatrical release including IMAX on February 10, 2027, a release Gerwig fought for, according to Variety. La Bola Negra, the company's leading Oscar contender for 2026, will get the longest theatrical run Netflix has granted a film. And the company will begin reporting box office figures, a disclosure Sarandos has avoided.

That last item is the real commitment. Once a company publishes a number, it owns the result. Variety reported rumors of a poor Narnia test screening; if the film disappoints, the theatrical experiment and Rice's standing suffer together. Netflix has bought itself a clear test, and a structural disagreement between its content chief and its co-chief executive if the test fails.

This story was first reported by BGNES.