Facebook is getting ready to launch a newspaper format that displays content from Facebook users and publishers specifically for mobile devices, the Wall Street Journal reports.

Internally, Facebook is calling the project Reader. Project code names aside - this is another way to rake in more advertising dollars.

Sources tell the Journal that recent versions of Reader resemble Flipboard Inc., an app designed for smartphones that allows people to swipe and flip through articles from multiple sources in an interactive and unique way.

The Reader project is still very much just a project. But it is the most recent evidence of the company's thirst for relevancy and innovative ideas for its 1.1 billion users.

Facebook launched hashtags earlier this month. Early this year, it redeveloped the Facebook newsfeed to better optimize posts from publishers.

The company, which owns Instagram, also launched a video component which is already cutting in to Twitter's video component, Vine.

LinkedIn Corp. spent $90 million to acquire Pulse, which is considered a competitor to Flipboard.

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