Netflix has announced that it is planning to acquire ABQ Studios located in Albuquerque, New Mexico. The acquisition will be the first studio for Netflix and will create its production hub where movies such as Sicario, The Avengers and hit show Breaking Bad were all filmed.
The company is planning to spend over $1 billion for production at the studio over the next ten years, it announced through a prepared statement.
The video streaming giant has already many of the same features of any traditional heavyweight in Hollywood, with the exception being owning a movie studio. The company currently is leasing a huge soundstage facility that is next to its headquarters in Los Angeles, but the ABQ studio would be its first that it is the outright owner of.
Netflix already has shot some of its productions in the state of New Mexico such as Longmire and Godless, the Emmy winner, along with its first movie starring Adam Sandler The Ridiculous Six.
It is planning to shoot its upcoming comedy-drama apocalypse Daybreak, Chambers its supernatural drama and Messiah is suspense epic across New Mexico.
In its statement on Monday, Netflix said it is in the final stages of negotiations to acquire ABQ. However, it did not give any details about the financial terms of the agreement, other than noting that the city of Albuquerque and the state of New Mexico are offering funding of $14.5 million in attempt to attract the investment by the company. Netflix said that it predicted it would create as many as 1,000 jobs in the production field per year at its facility.
Netflix’s vice president of physical production Ty Warren said it has been the experience of the company production films and shows in New Mexico that inspired the company to take the decision to establish its new production hub in the state.