Facebook is planning to roll out news reading app similar to pulse and Flipboard. According to a WSJ report, Facebook has been working on this project for over a year, which means that the social media giant had this project in mind before Google announced to shut down its RSS aggregator "Google Reader".
Reportedly, Facebook will roll out the app for mobile devices; there is no information on the web version yet.
The internal name being used by Facebook for the project is Reader. In all likelihood, the company will change the name before it rolls out the app.