Netflix aims to sublet old Silicon Valley HQ as it slashes costs

1 month ago 19

Netflix has enactment its aged Silicon Valley office up for sublease amid a volatile twelvemonth marked by layoffs, subscriber losses and outgo cutting.

The streaming titan, known for hits similar “Stranger Things” and “Bridgerton,” has enactment up for sublease the 165,000 square-foot leased analyzable in Los Gatos, Calif., according to SFGate.

The analyzable is owned by the Sobrato Organization and includes 2 buildings located astatine 100 and 150 Winchester Circle, the Real Deal reported.

Netflix did not instantly comment.

The gathering at 100 Winchester Circle was formerly Netflix’s office earlier the institution moved its basal fractional a mile distant to Albright Way. 

Last month, Commercial Observer reported that Netflix is besides looking to sublease 180,000 quadrate feet of abstraction successful its Los Angeles offices.

The Los Gatos buildings are listed by real property services institution JLL, which has not publically disclosed the terms of the space.

 the exterior of Netflix office  is shown successful  Los Gatos, Calif. Netflix IncThe Los Gatos-based Netflix is putting its aged HQ up for sublease arsenic the steadfast looks for ways to trim the fat. The determination follows akin existent property strategies astatine the company.AP
Netflix co-CEOs Reed Hastings and Ted Sarandos are successful  the process   of slashing costs astatine  the streaming elephantine  aft  a uncommon  tumultuous twelvemonth  marked by subscriber losses.Netflix co-CEOs Reed Hastings and Ted Sarandos are successful the process of slashing costs astatine the streaming elephantine aft a uncommon tumultuous twelvemonth marked by subscriber losses.Getty Images

The media elephantine has lately taken a scalpel to its business, which has experienced a diminution in subscribers for the archetypal clip since 2011.

After chaotic pandemic-era growth, Netflix shed more than 1 cardinal subscribers successful caller months, arsenic its banal has cratered by astir 60% this year. In June, the institution laid disconnected astir 300 employees connected apical of 150 workers months earlier.