Netflix Inc. plans to set up a production hub in Albuquerque, N.M.

The company said Oct. 8 that it is in the final stages of talks to buy ABQ Studios in Mesa Del Sol in Albuquerque. Upon closing, the company plans over the next 10 years to invest $1 billion in production in the state and to create up to 1,000 production jobs a year.

Netflix will produce film and television series in the new facility and at locations around the state.

The state of New Mexico will provide up to $10 million in Local Economic Development Act funding and the City of Albuquerque will commit up to $4.5 million to the project.

ABQ Studios has eight sound stages, production offices, mill space and a back lot.