- Netflix is getting a good deal on the production hub in Albuquerque, New Mexico, that it's in the final stages of acquiring.
- According to Variety, the streaming giant is looking to pay just $30 million to get Albuquerque Studios, which would be its first studio complex.
- The present assessed value of the studio, which opened in 2007, is $22.7 million, less than one-third of the original $91 million cost.
- Netflix will also receive $14.5 million in government funds.
It's now becoming clearer why Netflix chose a production studio in Albuquerque, New Mexico, to be the home of its first studio complex: It's getting a sweet deal.
The streaming giant is estimated to make a capital investment of about $30 million to acquire and improve Albuquerque Studios, according to Variety.
The present assessed value of the studio, which opened in 2007, is $22.7 million, less than one-third of the original $91 million cost, Variety reported, citing information it obtained from the Bernalillo County Assessor's Office.
If that wasn't already appealing enough for Netflix, the company will receive $14.5 million in government funds for purchasing the studio: $10 million from New Mexico and $4.5 million from Albuquerque. And Netflix titles produced in the state will be eligible for a tax credit of up to 30%, Variety reported.
But New Mexico is expecting big things from Netflix in return.
When it announced the deal earlier this month, Netflix said it planned to bring $1 billion in production to New Mexico over the next 10 years and create up to 1,000 production jobs a year.
Albuquerque Studios has housed such movies as "The Avengers,""Logan," and "Sicario," as well as AMC's hit TV show "Breaking Bad." It will be used right away for Netflix shows like the dramedy "Daybreak," the supernatural drama "Chambers," and the suspense drama "Messiah."
The 28-acre site includes eight sound stages totaling 132,000 square feet, plus 100,000 square feet of production offices.
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