Facebook will develop both long and short-form content with ad breaks included.
The social media giant is preparing two tiers of video entertainment. The first, scripted shows, are episodes lasting 20 to 30 minutes, which Facebook will own.
The second will be shorter scripted and unscripted shows with episodes lasting roughly five to 10 minutes.
The deals are confidential at this time, according to Reuters.
Shares of Facebook closed higher over 1% on Wednesday.
Stocks have rebounded following a sharp sell off last week. Jim Cramer believes the rebound is real and gives investors advice on how to play the market going forward.