Theodore Anthony Sarandos Jr. (born July 30, 1964) is an American business executive who has been the co-chief executive officer of Netflix since 2020.

Sarandos was born on July 30, 1964, in Long Branch, New Jersey, and grew up in Phoenix, Arizona. His father, Theodore Sarandos Sr., was an electrician and his mother a homemaker. His grandfather, Alex Karyotakis, migrated to the United States from the Greek island of Samos and changed his name to Sarandos.

As a child, he spent hours watching TV shows like I Love Lucy, The Jack Benny Program and The Andy Griffith Show. He stated that his family did not travel much "so the way to see the world was through books and movies and television." In his teens, he developed a knowledge of film and TV, and strong instincts for what people liked while working at a video store. While writing for his high school newspaper, Sarandos met and interviewed the actor Ed Asner, who was in Phoenix for a local Screen Actors Guild meeting. Asner, then in the height of his Lou Grant period, introduced Sarandos to others in the entertainment industry, for further interviews and connected his interests in entertainment, politics, and journalism. Sarandos was educated at Alhambra High School in Phoenix and attended Glendale Community College in Glendale, Arizona, for two years before dropping out.

He was promoted to store manager of the Arizona Video Cassettes West chain in 1983 and managed eight retail video stores until 1988. In 1988, Sarandos became Western Regional Director of Sales and Operations for one of the largest video distributors in the United States, East Texas Distributors (ETD). Until March 2000, Sarandos was Vice President of Product and Merchandising for the almost 500 store chain, Video City/West Coast Video. While at West Coast Video, he was responsible for negotiating revenue deals to migrate the company from the VHS format into the DVD format.

After meeting Netflix CEO Reed Hastings in 1999, Sarandos joined Netflix in 2000. He serves as its co-chief executive officer. Before that, he was the company's chief content officer, overseeing Netflix's original programming and entertainment efforts.

Sarandos was responsible for initiating the first round of original programming at Netflix, starting with Lilyhammer, and then continuing with the breakout David Fincher series starring Kevin Spacey, House of Cards. Beginning with House of Cards, which was bought for $100 million in a March 2011 deal, Sarandos created the model where Netflix purchases multiple seasons of shows without pilot orders. Sarandos sees the focus as being on subscriber growth as a reflection of revenue health over ratings. This has since changed as Netflix has recently decided to initiate an Ad-Supported model which allows the users to pay a lower price but have advertisements on their site.

Sarandos uses algorithms at Netflix to predict what programs viewers will want to watch prior to producing them. His personal algorithm focuses on 30% judgement (as a highest priority), with 70% focused on a base of data. He also said that the focus is on the audience, and that there is no programming grid – or appointment linear-based television – that is typically used by traditional TV networks. Barometers of success are if the audience completes watching the show, the timeframe within which they finish watching a series if there is social media buzz by critics and fans. Sarandos said that the preference is for a show to run for multiple seasons and build a fan base. Sarandos believes the model allows the viewer to be in control, and to watch only the content they enjoy. He said Netflix aggregates audiences over a very long period of time, where Netflix can tell if a show will be successful by using a regression model that tells Netflix, based on the first hour of viewing, how successful the show will be over the life of its license.

Sarandos has been outspoken about discarding or not holding important traditional network models. Although historically a big broadcast TV fan, he describes the model as now becoming archaic. Sarandos said he sees the new model as a way to prioritize the needs and desires of the consumer. International reach and long tail, niche appeal is also an important part of the business model. The spend is typically a large upfront payment, with no back-end fees to talent and creators, especially of original content that Netflix owns. Sarandos said that he sees the Netflix brand as being based on personalization, that it was a deliberate choice on the part of Netflix to focus on providing diverse content that would appeal to the tastes of a broad base of viewers – one that would not be focused on a marquee show that Netflix would be known for, but quality shows that would appeal to different audiences.