Facebook CEO Mark Zuckerberg on Tuesday met with Samsung Electronics Vice Chairman and Samsung heir-apparent Lee Jae-yong at the Korean company's main office in Seocho, southern Seoul, and have reportedly agreed to jointly develop mobile content and possibly new hardware. The social network site looks to improve its mobile presence and Samsung needs to boost its content business.

"As Facebook is focusing on an ecosystem in social networks, the company needs a trustable business partner in hardware and I believe Samsung is the right company," a Samsung official told The Korea Times.

Samsung recently unveiled the "Gear VR" a virtual headset, the result of a collaboration with Facebook's Oculus.

Also, Samsung asked Facebook to collaborate on content as the Korean technology giant has recently been pushing its music streaming service to take off, the report added.

Facebook had launched its new Home service on the HTC First, an Android smartphone which was billed as the Facebook phone, but has sold poorly.

Prior to the meeting, industry sources in Korea have been speculating that the two executives would also discuss mutual cooperation in the wearable device sector along with their advertising and marketing strategies and the development of another Facebook phone. However, Samsung has not confirmed any of these.