Facebook (FB) - Get Report announced the launch of Facebook News, where users will get a personalized selection of stories on the social media platform.

"People want and benefit from personalized experiences on Facebook, but we know there is reporting that transcends individual experience. We want to support both," the company said in announcing the new product. 

Outlets that have agreed to participate include ABC News, NBC News, Fox News, Conde Nast, The New York Times, the Los Angeles Times, Bloomberg Media and USA Today publisher Gannett, the Wall Street Journal reported, citing people familiar with the matter.

The Journal previously reported that it and other publications such as BuzzFeed News, Business Insider and the Washington Post also would be part of the service.

The paper said the service will begin with a limited test audience of 200,000 users. The Journal previously reported Facebook will pay licensing fees that vary based on the publication.

Facebook said the content will be presented across four categories: general, topical, diverse and local news. It said the stories will be chosen by a team of journalists with editorial independence that will be selected "based on publicly available guidelines."

The company also said the site will serve "both people and news publishers," big and small.

"We want new forms of journalism in the digital age, including individual, independent journalism, to flourish. So we will continue to expand the algorithmic selection of stories driving the majority of Facebook News," the company stated.

During the initial test, Facebook said it will showcase local original reporting from large cities such as New York, Los Angeles, Chicago, Dallas-Fort Worth, Philadelphia, Houston, Washington, Miami, Atlanta and Boston.

Facebook is a holding in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells the stock? Learn more now.

Save 57% during our Halloween Sale. Don't let this market haunt you and join Jim Cramer's Investment Club, Action Alerts PLUS. Click here to sign up!