Companies like Flipboard and Pulse have built their business around the incompatible applications that allow a view of the news in a convenient format and usable in the mobile, so according to the Wall Street Journal, Facebook Inc. also is working on a news-reader systems mobile OS like iOS and Android.
The idea is to offer an alternative reader in a more digestible format for mobile devices, which allows Facebook users to read in an intuitive and simple news by aggregating topics of interest in a single, simple and functional UI designed for the use of smartphones and tablets. The idea is then to expand the services related to the popular social network and offer their customers an even greater number of features and services.
As mentioned at the beginning of article, the project does not have a name, and you do not know precise details on the timing of development. More information we will update as soon as its given by facebook press.