Facebook rumored to take on Flipboard with their own News Reader called Paper

According to the latest rumor mill from Re/code, the Social Giant is currently putting the finishing touches on its own version of the mobile news reader service and is expected to release it by the end of January. The Facebook’s application will be called Paper and hope it won’t be confused with a similarly named iOS drawing app. The report further says that  it’s currently unclear whether Paper will be a standalone app when it reaches Facebook’s users.

Just like Flipboard, Paper will also show stories from popular sites that you follow with a visual pimp of the layout that also includes in Facebook status updates. CEO Mark Zuckerberg apparently has had direct involvement in the creation of Paper, though it’s largely the work of Facebook’s News Feed team — including some design-minded talent that came to the company through acquisitions. Till end of this month we still await the outcome.