Netflix Restructures its Film Group, Announces Job Cuts

Bloomberg reports that Netflix Inc is restructuring its film group, a move that has led to some layoffs and the departure of two of its most experienced executives.

The restructuring plan will see Netflix combine its small and mid-sized picture productions units, scale back its output, and centralize decision-making, the report added.

The streaming giant has been trying to focus on revenue growth, including planning a crackdown on password sharing as it lost subscribers in the first half of the year.

The restructuring plan will see Lisa Nishimura, an executive responsible for documentaries and smaller-budget films, and Ian Bricke, a vice president of the film group, leave after more than a decade with the company.

The streaming giant in February cut prices of its subscription plans in some countries, looking to maintain subscriber growth, while also laying off hundreds of employees last year to lower costs after it lost subscribers.

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