Apple’s Phil Schiller Steps Back as Leadership Shake-Up Accelerates 
South Korea Inflation Rises to 3.1% in August 
BP Names Ian Tyler Permanent Chairman After Governance Shake-Up 
German Retail Sales Drop 3.4% in July 
Dollar Hits Two-Week High as Iran Conflict Lifts Oil and Bond Yields 
FTSE 100 Falls as US-Iran Conflict Drives Oil Prices Higher 
Shein Shares Slide 9% in Hong Kong IPO Debut 
China Manufacturing PMI Contracts Again as Recovery Remains Fragile 
Asian Currencies Weaken as Dollar Rises, Kiwi Slides After RBNZ Hike 
Aon Nears $17 Billion Deal to Buy USI Insurance From KKR 
South Korea Unveils Record $597 Billion 2027 Budget to Boost AI and Chips 
Asian Stocks Slip as Fed Rate Hike Bets and Oil Surge Weigh 
SpaceX Mobile Network Could Cost Up to $130 Billion, Bernstein Says 
CIA-Linked Investor Helped Quantum Systems Expand in US 
Amazon Shares Fall as FTC Plans Ad Pricing Lawsuit 
Australia Current Account Deficit Widens to A$27.2 Billion 
GM Canada Workers Approve C$1.1 Billion Investment Deal 
Add as a preferred source on Google
Netflix said this week that it would be building a modern production facility using an investment of $900 million. The American subscription video-on-demand over-the-top streaming service and production company based in Los Gatos, California, will be setting it up at the former location of Fort Monmouth military base in New Jersey.
Netflix said that with the new facility, it would be able to create thousands of jobs as well thus, the locals will also benefit from it in many ways. As per Associated Press News, the company is set to pay $55 million to use the 292-acre land that used to be an army base in Eatontown and Oceanport. It will spend an additional $848 million for investments in 12 sound stages that will be built for various uses related to the filmmaking industry.
The streaming company made the announcement on Wednesday, Dec. 21, shortly after the voting carried out by the Fort Monmouth Economic Revitalization Authority to decide whether to accept Netflix’s bid or consider the other three companies that also submitted their respective offers.
“We are thrilled to continue and expand our significant investment in New Jersey and North America,” AP News quoted Netflix’s co-chief executive officer and chief content officer, Ted Sarandos, as saying in a statement. “We believe a Netflix studio can boost the local and state economy with thousands of new jobs and billions in economic output while sparking a vibrant production ecosystem in New Jersey.”
Gov. Phil Murphy of New Jersey state also welcomed the project and expressed appreciation for the new investment. He further mentioned that Netflix’s bid and business will also create new hotels, housing, and various businesses related to filmmaking in the territory.
“This transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth,” the governor stated. “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.”
Meanwhile, Netflix’s facility is set to be completed in two phases and is expected to finish in the span of several years. Dozens of sound stages will be built with sizes ranging from 15,000 to 40,000 square feet.
Photo by: Venti Views/Unsplash
