Netflix may build new production studio in New Jersey

Netflix is one step closer to building a production studio on a plot of land about 50 miles south of New York City that formerly housed the Army base, people familiar with the matter said. However, the company still has a few challenges ahead as the terms of the deal are not final.

According to the representatives of Netflix, if they manage to make a deal, they will build a massive film production studio that will have a positive impact on the economy of the promising state creating new jobs. 

The streaming service also had the support of Governor Phil Murphy, who intended to bring Hollywood film production back to New Jersey.

Mr. Murphy was excited to hear that the company was eyeing a move to New Jersey. He made a statement reporting that he was looking forward to partnering up with Netflix. This would help authorities increase the number of jobs and stimulate healthy economic growth.

The price of Netflix's bid is not public. Nevertheless, the fact that the streamer lost its subscribers and its shares plunged didn’t change its plans. The property has been appraised at $54 million, but several developers previously offered more than $100 million for just 89 acres of the 1,126-acre Army base.

If the deal goes through, it would be the company's second-largest production studio after its facilities located in New Mexico. Last year, Netflix also opened production studio in Bushwick, a neighborhood in Brooklyn.