Netflix has reached an agreement with the Fort Monmouth Economic Revitalization Authority (FMERA) to acquire a 292-acre mega-parcel at a former US Army base in NJ as the site of an $848M studio the streaming giant is planning to build.
Netflix will pay $55M to acquire the parcel, which was offered for purchase by FMERA—the agency that has spent more than a decade trying to redevelop the former US Army base at Fort Monmouth—after Netflix let it be known that it wanted to move its studio out of Georgia.
Netflix was one of four bidders to respond when FMERA put out requests for offers to purchase for the mega-parcel in March. The streaming giant was chosen as the winning bid in October, pending a deal for the acquisition of the parcel.
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