NJ Loses Money In MSNBC’s Secaucus Deal

In 1996, New Jersey “used a new set of business subsidies to score an economic victory, luring NBC’s new cable channel, MSNBC, to North Jersey,” the Asbury Park Press.

“Roughly 10 years and $7.8 million in grants later, MSNBC is set to close its Secaucus studio as part of a reorganization by its parent, NBC. Of the 459 jobs MSNBC created, all but 50 will be cut or moved out of New Jersey. NBC plans to shutter the Secaucus facility by December, six months after the grants were scheduled to run out and five years short of the company’s original obligation.”

More: “For leaving the site early, NBC agreed to give up $2.3 million in grants for its CNBC headquarters in Englewood Cliffs and pick up a larger share of the equipment costs. But the EDA still stands to lose up to $4 million on the purchases, on top of millions in sales tax revenue the state gave up…”