The social media network is in talks with Hollywood studios and agencies about producing TV-quality shows and looking to launching original programming by late summer, the Wall Street Journal reported, citing people familiar.
Facebook has indicated it is willing to go as high as a $3 million per episode budget, the people familiar told the newspaper, and is in talks with talent agencies including Creative Artists Agency, United Talent Agency, William Morris Endeavor and ICM Partners.
Facebook declined to comment but the move is said to be part of a strategy to increase its video content. The company is also interested in more moderate-cost scripted shows.
Facebook shares were up modestly in premarket trading to $155.20, having closed at $155.07 on Friday, June 23.
The people familiar said Facebook hopes to target audiences between 13 to 34 years of age.
Among the shows Facebook already has lined up is "Strangers," a relationship drama aimed at millennials that made its debut at the Sundance Film Festival, and the game show "Last State Standing."
Facebook is also seeking short-form content, which will be mostly unscripted, that could run for up to 1 minutes in the Spotlight section for videos, the Wall Street Journal reported, adding that the social network is guaranteeing creators of short-form fare a minimum $5,000 to $20,000 share of ad revenue per episode.
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