Netflix Content Boss Ted Sarandos Promoted to Co-CEO

After helping turn Netflix into the streaming juggernaut it is today, long-time content chief Ted Sarandos has found himself with a new title. As announced during the streamer's quarterly investors call this week, Sarandos has been promoted to co-CEO, a role he now shares with Netflix co-founder Reed Hastings. Though Sarandos will now help Hastings run the day-to-day operations of the world's biggest OTT service, the executive will also remain on board as Chief Content Officer as he oversees Netflix's annual $6 billion budget for original content. As a result of the promotion, Sarandos also gets a seat on Netflix's board of directors.

"Ted has been my partner for decades. This change makes formal what was already informal — that Ted and I share the leadership of Netflix," Hastings said on the call.

With much of the country seeing economic shutdowns and quarantines due to the ongoing global pandemic, Netflix has churned out record numbers in the first six months of the year, springing back from a stuff decline after the streamer lost a chunk of the market to the Disney-owned Disney+. In the same investor's call, Netflix touted the fact it registered 10 million new subscribers in the second quarter of its fiscal year, along with $6.15 billion in revenue.

"We live in uncertain times with restrictions on what we can do socially and many people are turning to entertainment for relaxation, connection, comfort and stimulation," Netflix said in its quarterly shareholder letter. The streamer then admitted it expects new subscriber numbers to plateau as the year goes on and more states continue to reopen.

"We expect less growth for the second half of 2020 compared to the prior year," the letter continued. "As we navigate these turbulent circumstances, we're focused on our members by continuing to improve the quality of our service and bringing new films and shows to people's screens."

At the onset of the coronavirus pandemic earlier this year, Netflix posted a record-high 15.7 million new subscriptions in Q1. "Our membership growth has temporarily accelerated due to home confinement," Netflix stated in its investor's letter at the time. "Some cash spending on content will be delayed, improving our free cash flow, and some titles will be delayed, typically by a quarter."

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