Netflix Inc (NFLX)

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Netflix to add production hub in NYC and create 127 new jobs
By: MarketWatch | April 18, 2019

Netflix Inc. NFLX, +1.48% is planning to add a production hub to its new York City operations, adding up to $100 million in investments to he city and hundred of jobs, Gov. Andrew Cuomo said Thursday. The hub will include an expanded office with 127 high-paying jobs in content, marketing and production over the next five years, he said. The streaming giant will add six sound stages in Brooklyn with the capacity for thousands of production crew jobs. Netflix's new corporate offices are expected to occupy about 100,000 square feet in the Flatiron District. The company has already produced many shows in New York City, including the women's prison series "Orange is the New Black," comedy series "Unbreakable Kimmy Schmidt," as well as The Martin Scorcese-helmed film "The Irishman." It has leased about 161,000 square feet of space at Johnson Ave. in Brooklyn. The company will receive up to $4 million tax credits over then years, directly tied to job creation. The news comes after Amazon.com Inc. AMZN, -0.02% cancelled plans to locate part of its second headquarters in Long Island City, Queens, after opposition from locals to the billions of dollars it was set to receive from the state. Netflix shares were up 1.3% on Thursday, and have gained 34% in 2019 so far, while the S&P 500 SPX, +0.26% has gained 16%.

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