Paramount Designated as Studio Partner by NJEDA Board

On Oct 31, 2025

Following the announcement earlier this week that Paramount will lease space at 1888 Studios in Bayonne, the New Jersey Economic Development Authority (NJEDA) Board has designated the global media company as a Studio Partner under the state’s Film and Digital Media Tax Credit program. As a Studio Partner, Paramount would be eligible for a 40% base tax credit for qualified production expenses on future New Jersey film and television projects.

Paramount is a leading, next‑generation global media and entertainment company with a portfolio that unites legendary brands, including Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance’s Animation, Film, Television, Interactive/Games, and Sports divisions.

“New Jersey’s competitive tax incentive program, deep talent pool, and diverse locations are proving to be successful in attracting leading entertainment companies, such as Paramount, to the state,” said Gov. Phil Murphy. “This is a tremendous investment into Bayonne, which will help create good-paying careers, support small businesses and local vendors, and drive meaningful economic growth.”

Earlier this week, 1888 Studios announced that Paramount signed a minimum 10-year lease to occupy more than 285,000 square feet of production space on 1888 Studios’ future Bayonne campus.

On Tuesday, Oct. 28, Andy Gordon, chief strategy officer and chief operating officer, for Paramount said, “Scaling our production and expanding our slate of world-class entertainment is central to our long-term strategy. We’re thrilled to invest in the United States and in the region and lean into our creative momentum to spark economic growth. We’re deeply grateful for the support and partnership of Governor Murphy, Senator Raj Mukherji, the New Jersey Economic Development Authority, and 1888 Studios. Thanks to highly competitive tax credit programs like New Jersey’s, the tri-state area is more attractive than ever before for production as we work together to create new jobs and empower more domestic production for America’s creative workforce.”

1888 Studios, developed by Togus Urban Renewal, LLC, will stand as the largest and first campus-style film and television studio facility in the Northeast and one of the largest in the nation, occupying 58 acres of land just miles from New York City. The development will include 23 mega-powered smart sound stages, more than 350,000 square feet of production support space, outdoor backlot space, amenities, office spaces, mills, lighting and grip facilities, and a parking garage. The development will also feature a waterfront park and promenade accessible to the public.

“Paramount’s long-term commitment to New Jersey is a testament to our rising position as a national leader in film and television production,” said NJEDA Chief Executive Officer Tim Sullivan.

To access more business news, visit NJB News Now.

Related Articles: