Netflix to Open $900M Facility

On Wednesday last week, Netflix announced their plan to open a $900 million facility. According to NewsObserver, the streaming company’s plans include building a “state-of-the-art production facility at a former Army base at the Jersey Shore that will cost more than $900 million, and create thousands of jobs.”

Ted Sarandos, the company’s co-CEO and chief content officer, announced on Wednesday that they are “thrilled to continue and expand their investments in New Jersey and North America.” Netflix reportedly paid “$55 million for the 292-acre site,” and “plan to spend an additional $848 million worth of investments in 12 sound stages and for other uses related to the film industry.” Phil Murphy, the New Jersey Governor, supports the plan saying it will “create new housing, hotel and film-related businesses in the area,” which previously had economic problems dating back to 2011. The project will take multiple years to finish.