Although the report is short on specifics for the new app, the Journal notes that it would prioritize video content rather than simply act as a big-screen portal into your news feed. Facebook is also reportedly in talks with media companies to license a variety of long-form, TV-style content ranging from scripted shows to sports and entertainment. Naturally, the app would be a platform to distribute this new content alongside TV-style advertisements that can fetch a higher asking price than display ads on the news feed.
It's currently unclear how user generated video will factor in to the TV platform, but according to the Journal's sources, a Facebook TV app has been in development in some form or another for years. The latest incarnation got a boost when Facebook execs renewed their video efforts in 2016 and while there's no word yet on which streaming boxes Facebook will be coming to, the Apple TV was named as the obvious starting point.