Netflix to refocus on original TV shows and films

Co-CEO Ted Sarandos said Netflix will "strengthen its core TV and movie offerings" to win back viewers amid competition from Apple TV and HBO Max. The company has budgeted $20 billion for new scripted and unscripted programming, while content chief Bela Bajaria and film head Dan Lin departed and Peter Rice, formerly of Disney and Fox, stepped in.

• Netflix has budgeted $20 billion for new scripted and unscripted content
• Content chief Bela Bajaria and film head Dan Lin left within the past week
• Peter Rice, formerly of Disney and Fox, has taken over content
• About 1,000 employees were recently laid off