A $194 million film and television studio being built in Newark could qualify for up to $100 million in state subsidies as part of a deal approved Dec. 21.
That comes on the heels of Netflix’s plans to spend over $850 million to redevelop nearly 300 acres of the former Fort Monmouth complex into its own studio complex.
State officials say both are evidence of a burgeoning film and TV industry ushered in by the Murphy administration and a lucrative state subsidy program.
“We believe that between our variety of locations, the quality and diversity of our workforce and best-in-class tax credit, New Jersey is exploding as a destination for film and television production,” read a statement Wednesday from Gov. Phil Murphy.
The agreement was approved Wednesday by the state’s Economic Development Authority, and it makes Lionsgate the state’s first-ever “studio partner.”
Lionsgate will be the anchor tenant for the 300,000-square-foot studio facility being built by Great Point Studios in Newark. Construction began in September, and operations are expected to commence in two years.
Read the full article published on northjersey.com.
Last modified: September 9, 2024
