Netflix Buys Decommissioned Army Base to Create $850 Million Studio

Netflix is bringing the glitz and glamour of Hollywood to New Jersey with its recent $55 million deal for Fort Monmouth Army base. This stunning purchase signifies a new era for film production in this region, providing locals with incredible career opportunities and enabling viewers everywhere to enjoy cutting edge movies that have been created right here!

With an ambitious investment of $850 million, the company intends to develop a studio across 300 acres in Eatontown and Oceanport.

After submitting an offer two months ago, Netflix reached a deal with the Fort Monmouth Economic Revitalization Authority on Wednesday, reported by The Asbury Park Press (APP). According to details shared by APP-

“In doing so, Netflix said it will invest upwards of $850 million to create one of the largest production facilities in the world, one with 12 sound stages, ancillary production spaces and back lots, similar in size and scope to its New Mexico studios. It will use the studios to produce high quality TV series and films, including originals. Production will also occasionally go on location at scenic backdrops around the state.”

As per to APP reports, Netflix forecasts that it could generate as much as $8.9 billion in revenue over the next two decades and stimulate a colossal economic growth of nearly $5 billion for the state!

Governor Phil Murphy of New Jersey, who stated in a statement quoted by the paper that Netflix’s-

“transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth.”

He further said-

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

In an announcement, Netflix co-CEO Ted Sarandos declared that the streaming platform is-

“thrilled 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,” Sarandos said, “while sparking a vibrant production ecosystem in New Jersey.”

According to the Asbury Park Press, Netflix must still complete three years of due diligence and secure authorization from various townships before concluding its deal.

If approved, the platform will become one of the largest film production companies in the world and provide a huge economic boost to New Jersey.

We are looking forward to Netflix’s new studio and all the amazing projects that it will bring along! Stay tuned for more updates on this exciting project!

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