Creating an $850 Million Studio: Netflix Purchases a Former Army Base

Creating an $850 Million Studio: Netflix Purchases a Former Army Base

As a result of Netflix, the Hollywood industry is coming to New Jersey. The former Fort Monmouth Army base just sold for $55 million to the streaming giant Netflix. A studio complex worth $850 million is planned for 300 acres in Oceanport and Eatontown.

The Asbury Park Press (APP) said on Wednesday that Netflix had signed a deal with the Fort Monmouth Economic Revitalization Authority. Two months earlier, Netflix had made a bid on the property.

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Asbury Park Press (APP) has more to say:

Netflix has said it will spend more than $850 million to build a production facility with 12 sound stages, auxiliary production spaces, and back lots. This would make it the largest in the world and on par with its New Mexico studios in terms of size and scope. The studios will be used to create high-quality TV shows and movies, including original content. On occasion, filming will move to scenic locations across the state.

As reported by APP Over the next two decades, Netflix estimates it will bring in $8.9 billion in revenue, which will increase the state’s GDP by nearly $5 billion.

As quoted in the paper, New Jersey Governor Phil Murphy said that Netflix’s “transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth.”

Gov. Murphy continued, “New Jersey will further solidify its status as an emerging national leader in the television and film industries as a result of nearly a billion dollars in film production spending.”

“Thrilled to continue and expand our significant investment in New Jersey and North America,” Ted Sarandos, co-CEO of Netflix, said in a statement.

According to Sarandos, “we believe a Netflix studio can boost the local and state economies with thousands of new jobs and billions of dollars of economic output while igniting a vibrant production ecosystem in New Jersey.”

According to the Asbury Park Press, Netflix still has a ways to go before closing the deal. Netflix will need at least three years to do its research and get approvals from the townships that will be affected.