Netflix to open studio-production hub in New Mexico

Netflix to open studio-production hub in New Mexico

Netflix Inc. NFLX, -0.65% will open a new production hub in Albuquerque, N.M., the company announced Monday. The streaming giant is in final negotiations to purchase ABQ Studios, located in Albuquerque’s Mesa Del Sol. The company said it plans to use the studio to produce films and television series, including apocalypse dramedy “Daybreak,” supernatural drama “Chambers” and epic drama “Messiah.” Netflix also said it plans to bring $1 billion in production to New Mexico over the next ten years, as well as create up to 1,000 production jobs a year. Both the state of New Mexico and the city of Albuquerque offered incentives for the company to settle there, with the state providing up to $10 million in funding through the Local Economic Development Act and the city providing $4.5 million. Netflix shares have soared 82% so far this year, while the S&P 500 SPX, -0.04% has gained 7.9%.

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