Apparently CEO Mark Zuckerberg is heavily involved in the project and it is rumored to have a design that mimics Flipboard.
The social network has been quietly working on a service, internally called Reader, that displays content from Facebook users and publishers in a new visual format tailored for mobile devices, people with knowledge of the matter said.
The project, which the company has been developing for more than a year, is designed to showcase news content in particular. Recent versions of Reader resemble Flipboard Inc., a smartphone and tablet app that aggregates stories from multiple sources and lets users swipe to flip through articles, said the people with knowledge of the project.
Interestingly enough, Michael Matas, a Facebook designer who previously worked for Apple is a lead designer of the project. "Reader," the internal name, may never see the light of day -- however, Facebook is clearly making an initiative to be more than just a social network to share photos and statuses.
Read More via TheVerge