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Netflix brings Hollywood to New Jersey. The streaming giant just closed a $55 million deal to buy the former Fort Monmouth army base site. The company plans to build an $850 million studio on 300 acres encompassing parts of Eatontown and Oceanport.
According to the Asbury Park Press (APP), Netflix bid on the property two months ago and signed an agreement with the Fort Monmouth Economic Revitalization Authority on Wednesday.
APP has more details:
In doing so, Netflix said it will invest more than $850 million to create one of the largest production facilities in the world, one with 12 sound stages, supporting production rooms and backlots, comparable in size and scope to the New Mexico studios. It will use the studios to produce high-quality TV series and movies, including originals. Production will also occasionally take place on location against scenic backdrops around the state.
APP reports that Netflix believes it can contribute up to $8.9 billion in revenue over the next two decades, which would add nearly $5 billion to the state’s economy.
The newspaper quoted a statement from New Jersey Governor Phil Murphy as saying Netflix’s “transformative investment will serve as a cornerstone in our efforts to create a thriving industry of whole fabric.”
“As a result of nearly a billion dollars in film production expenditures,” continued Governor Murphy, “New Jersey will further solidify its status as an emerging national leader in the television and film industry.”
Netflix co-CEO Ted Sarandos said in a statement that the streamer is “excited to continue and expand our significant investment in New Jersey and North America.”
“We believe a Netflix studio can boost the local and state economy with thousands of new jobs and billions in economic output,” said Sarandos, “while kick-starting a vibrant manufacturing ecosystem in New Jersey.”
The Asbury Park Press notes that Netflix has a long way to go before closing the deal, including three years to complete due diligence and obtain various approvals from affected townships.