Netflix lays off 1,000 staff and ousts three top executives

Netflix is cutting 1,000 jobs across its product, tech and legal teams and parting ways with content chief Bela Bajaria, film chairman Dan Lin and film VP Doug Belgrad. Peter Rice joins as COO as the company faces missed ad revenue targets and lost the Warner Bros. bid to Paramount.

• Layoffs hit 1,000 employees in product, tech and legal departments
• Content chief Bela Bajaria and film chairman Dan Lin are out
• Peter Rice named new COO to lead turnaround
• Netflix missed ad revenue targets and lost Warner Bros. to Paramount