Netflix Earmarked $850M In New Jersey Production Hub

Netflix, Inc NFLX showcased its plans for one of the most extensive fully-integrated production facilities in Fort Monmouth, New Jersey.
In line with the appraised value, Netflix bid $55 million for the 293-acre parcel at the former military base, Rajiv Dalal, Netflix's director of content and studio affairs, said.
Netflix looked to invest $850 million in the production hub, with plans to build 12 sound stages, ancillary production support, and a backlot, the Hollywood Reporter reports.
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Netflix aimed to tap the region's versatile landscape and talent.
New Jersey also ramped up its tax credit program for film and television production.
Netflix planned to shoot features, series, and scripted projects at the studios.
Dalal said that the exact titles to be filmed at the studios are still to be determined since the project will likely not be complete until 2027. However, Netflix plans to ramp up New Jersey production before the opening.
Once the studio is fully operational, Netflix expects it to support 1,400 - 2,200 jobs annually and generate $7.4 billion - $8.9 billion in output over the next 20 years.
The investment followed Netflix's cost-cutting measures, including laying off employees following subscriber slowdown and stock decline. Netflix still planned to spend $17 billion on content in 2022.
Price Action: NFLX shares traded higher by 1.23% at $301.61 premarket on the last check Thursday.