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

Netflix has put its old Silicon Valley headquarters up for sublease amid a volatile year marked by layoffs, subscriber losses and cost cutting.

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

The complex is owned by the Sobrato Organization and includes two buildings located at 100 and 150 Winchester Circle, the Real Deal reported.

Netflix did not immediately comment.

The building at 100 Winchester Circle was formerly Netflix’s headquarters before the company moved its base half a mile away to Albright Way. 

Last month, Commercial Observer reported that Netflix is also looking to sublease 180,000 square feet of space in its Los Angeles offices.

The Los Gatos buildings are listed by real estate services company JLL, which has not publicly disclosed the price of the space.

The media giant has lately taken a scalpel to its business, which has experienced a decline in subscribers for the first time since 2011.

After wild pandemic-era growth, Netflix shed more than 1 million subscribers in recent months, as its stock has cratered by nearly 60% this year. In June, the company laid off around 300 employees on top of 150 workers months earlier.