ALBUQUERQUE, N.M. (KRQE) - It's a huge announcement for the TV and movie industry here in New Mexico: Netflix is setting up its own production studios in Albuquerque.

The streaming company will be taking over Albuquerque Studios.

Monday, Netflix announced it's buying ABQ Studios just south of the airport. This is the entertainment giant's first purchase of a production studio complex.

"This is a big, big deal for Albuquerque. It's something actually you hope that happens and you can never really plan for something like this...and so by putting together the right team in place and being able to execute and think big, we're now home to one of the biggest media companies in the world," Albuquerque Mayor Tim Keller said. 

Netflix is known for hit movies and shows like "Stranger Things," "House of Cards" and "Orange is the New Black."

The Silicon Valley-based company is buying the studio on Mesa Del Sol to produce its films and TV shows around the state and at the studio, including "Daybreak," "Messiah," and "Chambers." 

Netflix says its current productions in New Mexico are providing over 700 jobs, and setting up shop here will create up to 1,000 production jobs a year and bring in $1 billion to New Mexico. 

"We're producing a lot of content...and so this is a great opportunity for us to have a hub at which we can produce more and more of our content," Netflix Vice President Ty Warren said. 

Other productions filming at ABQ Studios will move out after their leases are finished, so Netflix can have the facility to themselves.

Albuquerque Studios consists of eight sound stages, production offices, mill space and a back lot. They also offer a variety of production support from in-house lighting and grip to equipment rental. 

Major productions that have been filmed in part of Albuquerque Studios include "The Avengers," "The Lone Ranger," "Breaking Bad," "Better Call Saul" and "Sicario." 

When asked if the production of popular shows like "Stranger Things" could come to Albuquerque, Netflix only named the current productions here.

No word yet on when Netflix will move to ABQ Studios. Netflix says it's still in final negotiations with the city. 

The sale price has not been released. 

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