Netflix Inc. (NASDAQ: NFLX) surges 1.22% in pre trading session on Thursday after the company has revealed plans to transform an old Army installation in Jersey Shore, New Jersey, into a new $900 million production complex.
The 292-acre site on the old Fort Monmouth military installation between Eatontown and Oceanport, which the streaming business will buy for $55 million, is projected to generate thousands of jobs as part of the plan.
The company’s co-CEO and chief content officer, Ted Sarandos stated that they are overjoyed to maintain and increase their considerable investment in North America and New Jersey. They think a Netflix studio can create thousands of new employment, generate billions in economic output, and stimulate a thriving production ecosystem in New Jersey.
According to Wednesday’s statement from New Jersey Governor Phil Murphy, the additional project would also bring new housing, lodging, and film-related businesses to the region.
In order to build a strong business from scratch, “this revolutionary investment will serve as a cornerstone,” Murphy continued. The state of New Jersey will further cement its position as a rising national leader in the television and film industries as a consequence of over a billion dollars in film production investment.
The proposal was made public when the Fort Monmouth Economic Revitalization Authority said that Netflix’s offer had been chosen above the other three submissions.
Twelve sound stages, each measuring between 15,000 and 40,000 square feet, will each require an extra $848 million investment, according to the California-based video streaming service.
The proposal was made public when the Fort Monmouth Economic Revitalization Authority said that Netflix’s offer had been chosen above the other three submissions.
Twelve sound stages, each measuring between 15,000 and 40,000 square feet, will each require an extra $848 million investment, according to the California-based video streaming service.
There will also be an increase in office space, production services buildings, and related studio areas.
Before it is finished, the proposal still has to be authorized by municipal and state authorities.
A center for army electronics research and communications, Fort Monmouth was to be shut down, the Pentagon stated in May 2005.