CNN  — 

Netflix is expanding its media empire to Albuquerque.

The streaming company announced Monday that it is in the final stages of negotiations to buy ABQ Studios, a production studio in New Mexico’s largest city. It will be Netflix’s first purchase of a studio complex.

Netflix has been ramping up production of its original series in the last few years, and plans to make the studio hub home to some of those shows. Two upcoming Netflix series, the dramas “Chambers” and “Messiah,” are already being shot in New Mexico and will be produced at the new facility. A third show, “Daybreak,” will also be produced there.

Netflix says the purchase will bring $1 billion in production to New Mexico over the next decade, while creating up to 1,000 jobs per year. State and local officials will also commit as much as $14.5 million in funding for the project. Both the city’s mayor and the governor of New Mexico hailed Netflix’s move as an economic win for Albuquerque.

Further details about the sale were not disclosed in a news release Monday.

Netflix (NFLX) has been growing rapidly. The company reported during its last earnings quarter that it now has about 130 million customers worldwide.

It’s also spending a lot to produce its own original shows and movies — around $8 billion this year alone.