Facebook.com, the social networking Web site, said on Tuesday it is moving into television by teaming up with cable operator Comcast’s online video site Ziddio to produce a new series from users’ clips called ‘Facebook Diaries’.

The companies are enlisting Hollywood TV producer R.J. Cutler, to choose the best submissions and create ten half-hour episodes that will be streamed online and on Comcast On-Demand. The program will start in March. Terms were not disclosed.

Online video is one of the fastest growing sectors on the Web and major sites including Google Inc..’s YouTube and News Corp. MySpace are investing heavily in building their video capacity. Analysts say there is high demand for online video inventory from advertisers.

Source: Reuters