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Netflix reportedly planning layoffs of about 5% of workforce

Puck News reported that Netflix plans to cut about 5% of its workforce, possibly announced as soon as next week. Netflix declined to comment.

3 outlets · 1L · 2C · 0R First reported Account updated
Image: CNA
Image: Variety
Image: Deadline

1 / 3

The story, neutrally told

Centre · 1Netflix is planning to cut about 5% of its workforce, with an announcement expected as early as next week, Puck News reported on Friday 9 October, citing people familiar with the matter. Centre · 2Netflix declined to comment on the Puck report, and did not return Deadline's request for comment. Centre · 1Deadline said word of imminent cuts began circulating on Thursday afternoon, with sources describing the reduction as a big one; timing is unclear, with some expecting cuts to start Friday and others next week, and estimates of the size vary, with Puck putting it at 5%.

Centre · 1Netflix had about 16,000 full-time employees at the end of last year, according to CNA, which would put 5% at roughly 800 jobs (an inference, not a reported figure). Centre · 2Its last major layoffs were in 2022, when it cut hundreds of jobs amid slowing growth and subscriber losses; Deadline notes smaller cuts since, including several dozen employees in the product division in February. Centre · 1Deadline reports Netflix's stock has fallen more than 40% over the past year as Wall Street scrutinises viewer engagement, which rose only 2% in the first half of the year; co-CEO Ted Sarandos said last week, "we’re not growing as fast as I want us to."

Centre · 1CNA places the move against a more competitive market, with media consolidation and YouTube gaining viewership and advertising share, while Netflix expands into advertising, live programming and gaming.

Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.

Left1 outlet

No left outlet in our sources has covered this story yet.

Centre2 outlets

Framing
Both outlets treat it as a sourced, unconfirmed report of coming layoffs. CNA relays Puck's 5% figure with background; Deadline stresses stock decline and weak engagement growth.
Emphasis
CNA: workforce size, competition, diversification. Deadline: timing uncertainty, stock drop, Sarandos quote.
Leaves out or plays down
Neither has confirmation from Netflix; neither says which divisions would be affected.
For example
“Netflix declined to comment on the report.” — CNA
“Layoffs have become a regular occurrence in the media business.” — Deadline

Right0 outlets

No right outlet in our sources has covered this story yet.