Netflix says to spend $1 billion producing content in Mexico

Netflix said Thursday that it would spend $1 billion over four years producing films and series in Mexico, in a boost to the government's efforts to attract investment in the face of US tariff threats. 

The streaming platform's co-chief executive Ted Sarandos made the announcement at a news conference alongside Mexican President Claudia Sheinbaum, who hailed the plan as a win for Latin America's second-largest economy.

Sarandos said Mexico which is home to Netflix's Latin American headquarters was a "very important" and growing part of the company's regional and global operations. The announcement comes days after Sheinbaum welcomed planned investments by Spain's biggest bank, Santander, totaling more than $2 billion over three years.