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  • Writer's pictureIlluminateIC Staff Writers

What's Next for Netflix as Chief Stuber Departs to Pursue New Ventures?

Starting with 'Bird Box,' 'Extraction' and 'Red Notice,' Netflix produced a steady stream poorly reviewed but massively streamed hits under Stuber's watch. But lately, the hits have come slower


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By: Staff Writers

 

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Netflix Inc. is set to lose its chief of film, Scott Stuber, as he revealed this departure plans to start his own company. He will be leaving the world’s leading streaming service provider, and this was confirmed on Monday, Jan. 22.


Stuber has been credited for helping Netflix succeed in the business. He is said to have also played a role in paving the way for the entertainment industry to enter the streaming era.


Stuber will stay on as global film chairman at least until the Academy Awards in March to wrap up projects, before departing to produce films and TV shows on his own. He has secured financing for the new venture, according to people familiar with the executive’s plans. Chief Content Officer Bela Bajaria will oversee the film team while the company searches for a replacement.


“Seven years ago, Reed and Ted offered me the amazing opportunity to join Netflix and create a new home for original movies,” Stuber said in the statement of Netflix bosses Reed Hastings and Ted Sarandos. “I am proud of what we accomplished and am so grateful to all the filmmakers and talent who trusted us to help tell their stories. Thank you to Ted, Reed, Greg, Bela and the entire team, and I look forward to continuing to work with them in the future.”


Under his leadership, Netflix become the studio most nominated for Academy Awards for three consecutive years, from 2020 through 2022, and garnered eight best picture nominations, including "The Irishman," "Roma" and "The Power of the Dog."


Stuber guided Netflix to place big bets on its talent, committing $450 million to secure two "Knives Out" sequels from Johnson and a reported $200 million on the action film "The Gray Man," from the Russo Bros.


Stuber's new venture will also produce projects for Netflix, according to a Bloomberg News report.

"I hope to find new ways to continue to work together," said Chief Content Officer Bela Bajaria.

Netflix is scheduled to report fourth-quarter results after the bell on Tuesday.

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