Facebook will be launching a new video service incorporating original news reports from multiple major news networks, the social media site announced Wednesday.

CNN’s Anderson Cooper, Fox News’ Shepard Smith and Univision’s Jorge Ramos are three of the paid contributors who will be producing original content for the new site, Watch.

“We tried to assemble a diverse set of partners who are already doing quality news who are also really adept at engaging the audience,” Campbell Brown, Facebook’s head of global news partnerships, said in an interview with Reuters.

The initiative seeks to “down-rank click-bait sensationalism” and reduce fake news stories that circulate on social media, said Brown. (RELATED: Facebook Suppresses Certain Media Outlets In Your Newsfeed. It Won’t Tell You Which Ones)

Facebook also hopes to ramp up revenues from advertisements, which will be broadcasted along with the news videos on the site. New content is expected to air daily or weekly depending on the news cycle. Other paid contributors to Watch include ABC News, Publications’ Alabama Media Group and websites ATTN: and Mic. Brown said they hope to add more networks as the service rolls out in the coming months.

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