Facebook will spend as much as $1 billion on original TV in the next year

The Wall Street Journal reports that Facebook is going into the next year “willing to spend as much as $1 billion” on original video content, building out the roster of exclusive TV on its revamped video tab Watch.
In June, the WSJ reported that Facebook was willing to pay up to $3 million per episode for centerpiece shows, and was also interested in original sitcoms with episodic budgets in the six-figures. At the time, VP of media partnerships Nick Grudin told The Verge in an email