NBCUniversal to build state-of-the-art studio in New Mexico

ALBUQUERQUE, N.M. (AP) — NBCUniversal has announced plans for a state-of-the-art television and film studio in a warehouse district just north of downtown Albuquerque.

The announcement Friday comes as state officials are offering more than $10 million in incentives and promising that the economic impact from the venture will top $1 billion over the next decade.

The media giant said it has entered a 10-year venture with a developer to redevelop an empty free-span warehouse in Albuquerque into a studio with two sound stages, offices and a mill.

NBCUniversal will be joining Netflix, which solidified its footing in New Mexico last year.

In recent months the state has experienced a big jump in film productions. The state is set to more than double its annual spending cap on film incentives.