Rumor has it that Facebook might be developing a Flipboard-style news reader. A report from re/code suggests that they might launch a service like that called "Paper" this month.

The service will be similar to Flipboard, taking the form of either a standalone app or a Web experience suited to mobile devices. It would be an aggregator of rich news and feature content teamed with status updates from Facebook users. Like Flipboard.

The service, was apparently originally designed to be a News Feed feature but has spun off as a separate project. It is being led by Chris Cox, Facebook's VP of product.

What would this do to Flipboard? [Re/code via Engadget]