The profile of what a Hollywood executive is (the role, the methods, the priorities) is now in the midst of a transformation. The old definition of a successful studio executive was someone who was commercially successful and had a track record of making great films. But what we used to call a film executive could now be called a content director, and there’s a bigger change, too. While film executives used to have to follow the numbers, they now follow the algorithms. And here’s the difference: numbers are something you’re in charge of, while algorithms have a way of taking charge of you. Peter Rice, former president of 21st Century Fox and former president of Walt Disney Television, who was just hired to be Netflix’s chief content officer (replacing Bela Bajaria, who was ousted in a dramatic restructuring), has worked in the upper echelons of Hollywood for 15 years. But its roots are in the world of passion of old-school film executives. In his new role, he will oversee both film and television, which is a perfect role for him since he has worked on the small screen since being promoted to president and CEO of Fox Networks Group in 2012. But when he was president of Fox Searchlight, from 2000 to 2009, Rice was one of the most revered film executives of his time, overseeing such titles as “Slumdog Millionaire,” “Juno,” “Little Miss Sunshine.” and “Sideways,” to name just a few. His only competition as an accomplished film executive expert might be Tom Rothman, the original head of Fox Searchlight. These two held the best model for how to expand the independent film revolution as a mainstream movement beyond Harvey Weinstein’s model. In recent years, Rice, who was born in the United Kingdom and is now 60, has been in semi-retirement, or perhaps simply in a holding pattern. But Netflix co-CEO Ted Sarandos, having fired Bela Bajaria (there is speculation that she was fired as a scapegoat for the company’s current growth constraint), made an incredibly smart decision by hiring Rice as his chief content officer. Recently, there were rumors that Rice was being offered a top position within Skydance. His rise to the Netflix think tank is equally significant, and given his historical tendency to move up in a company (without, somehow, making enemies), one could see that happening over the next five years at Netflix. Being chief content officer at Netflix is like being in charge of burgers and fries at McDonald’s. In his new role, Rice will help shape the company’s ethos and aesthetic. The question is how? Sarandos is a hands-on CEO (a visionary, if you will) who likes to do things his way. (Apologies for the changed burger chain metaphor.) You should have a good idea of what you want from Rice. Right now, that might be: more of what Netflix has been doing. Except Netflix is now flirting with what could be the biggest change to its business plan since the company stopped shipping physical media to consumers. Greta Gerwig’s “Narnia: The Wizard’s Nephew” is “Forget ‘Harry Potter,’ ‘The Lord of the Rings,’ and ‘Dune!’ This is your new global conquest fantasy franchise! Adaptation of the sixth book “Narnia” by CS Lewis. The film has been conceived from minute one to change the rules of the game. It cost $280 million (hello, budget that makes “Digger’s” look silly!). And Gerwig, capitalizing on the A-list power she acquired after the mega-success of “Barbie,” insisted that the film be released in large-scale theaters. (It will premiere on Imax screens around the world, and many other screens as well, on February 10, 2027.) Even after that deal was reached, Gerwig had to fight battles to make sure this happened. But she prevailed, and Netflix, with “Narnia,” will now be in the business of movies released in actual theaters in a way it never has been. (I’ve written about how a token Netflix theatrical release inevitably gets covered by the media as if it were bigger than it is, because entertainment critics and reporters tend to live near the few theaters in New York and Los Angeles where Netflix movies are shown.) As if recognizing the profound change all of this represents, Netflix recently announced that it would be making bigger strides across the board in the theatrical space. (“The Black Ball,” its big 2026 Oscar contender, will receive the longest theatrical release Netflix has given any film to date). The company will now also report box office figures, a major change for transparency-shy Sarandos. As someone who has been highly critical of what I have characterized as Netflix’s master plan to turn the world of cinema into glorified home viewing, I applaud these developments. I hope they become part of the broader “comeback” of movies that everyone is talking about in 2026. This is pure speculation on my part (I’m a critic, so I’m allowed to speculate), but Netflix’s hiring of Peter Rice, at this point, doesn’t feel disconnected from any of this. Rice, at heart, is a film guy. I don’t care how much small-screen content you’ve greenlit: you can’t take that cinematic DNA away from someone. If Netflix’s new film plan is successful, I can foresee that precipitating Rice’s rise within the company. But what if the “Narnia” movie, which just this week has been plagued by rumors of a disappointing test screening, turns out to be a flawed blockbuster that doesn’t cut the commercial mustard? (I want the movie to be great; I’m just considering that possibility.) So what? Will Netflix’s plan to expand into theatrical distribution be threatened? That depends on what Sarandos wants. And I could easily see him giving in to that. But if Rice becomes the voice of movie passion within Netflix, that could lead to a major corporate clash. Or maybe he’ll be the one to help Sarandos see the light! As we tune into Netflix’s off-screen drama, it will be fascinating – and perhaps an indicator of where the future of movies is headed – to see who brings who into the flow of things.
