ALBUQUERQUE, N.M. (AP) — Netflix has chosen New Mexico as the site of a new U.S. production hub and is in final negotiations to buy an existing multimillion-dollar studio complex on the edge of the state's largest city, government and corporate leaders announced Monday.

It's the company's first purchase of such a property, and upcoming production work in Albuquerque and at other spots around New Mexico is forecast to result in $1 billion in spending over the next decade.

More than $14 million in state and local economic development funding is being tapped to bring Netflix to New Mexico. Republ...