Netflix cuts about 1,000 jobs in biggest layoff since 2022
Netflix is letting go of about 1,000 employees, roughly 6% of its staff, in its biggest round of layoffs since 2022.
The news dropped in a companywide email on Wednesday morning, with most cuts hitting teams like product, tech, legal, and HR.
It's all part of Netflix's effort to stay competitive as it faces intense competition for users' time in a consolidated media market.
Paramount completes $110B Warner Bros acquisition
Netflix has had a tough year facing off against other streaming giants.
Just recently, it lost out to Paramount Skydance in the bidding war for Warner Bros. Discovery's streaming and studio assets earlier this year, a move that made Skydance even bigger.
Paramount completed its $110 billion acquisition of Warner Bros. earlier this month to form Skydance.
With rivals leveling up and the industry shifting quickly, Netflix says the bulk of the cuts would be in the streaming giant's product, tech, legal and human-resources teams.