"First Draft Coalition, an Alphabet-backed venture, said it would create a voluntary code of practice, attempt to increase news literacy among social media users and will aunch a collaborative verification platform," tech website CNET reported on Tuesday.
The members of the coalition include New York Times and CNN.
"The First Draft partner network represents an important opportunity for the news industry to work together on best practices, trainings, research and more," said ?ine Kerr, Manager of Journalism Partnerships, Facebook.
For both Facebook and Twitter, fake news has been a crucial problem.
Recently, Facebook's news trending algorithm put a hoax story about 9/11 at top of its list, linking to an article by The Daily Star which claimed that controlled explosions destroyed the World Trade Centre Towers in 2001.
Facebook currently has more than a billion monthly active users, and its Trending Topics is prominent section for views, whether stories are true or not.
Twitter with about 140 million daily users, plays a crucial role in breaking news.
Social networks have become a popular source of news for many, trailing only TV as a top source of information, the report added.
