Editor's Note: Facebook unveiled its redesigned News Feed Thursday, which will feature larger images and filtering capabilities.
The changes to the News Feed will begin to roll out to some users on Thursday and will launch on mobile platforms during the next few weeks.
Read the live blog from the event below.
1:49 P.M.: Zuckerberg: "We view our role as being the editor," he said. "What's happened over time is people are sharing more content," he said. "This is a trend that we're gonna work on for years and years... We're still really early into what this can be."
"I don't see us offering content ourselves," Zuckerberg said.
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1:43 P.M.: Zuckerberg: "We're still optimizing for giving people what they want," he said. "If something really important happens...you want that stuff to be at the top because you really don't want to miss that."
"The really important stuff's going to be on the front page," Zuckerberg said.
Zhou wraps up the meeting.
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1:42 P.M.: Zuckerberg on Instagram: "We view our role in this ecosystem is that there will be all these dif social apps... and we think that's awesome.," he said. "But I think there's this important and special place in the world for this newspaper that can bring you all kinds of different content."
"The instagram thing is really interesting—we have this really great opportunity where we're trying to build relationships with all these other social apps, he said. "I think over time the things we do with Instagram will help us build better Instagrams for a whole host of social apps."
1:36 P.M.: Zhou answers a question about the impact on ads with new images.
Zhou: "In this new design we are really about taking all the content in the News Feed and making it richer. That goes across the board - including ads - everything is going to get richer."
1:30 P.M.: Facebook will begin rolling out new design today and on mobile devices in the coming weeks.
"Because this is a big change, we're going to be very, very careful and slow about how we role it out," Cox said.
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1:29 P.M.: Facebook's Chris Cox says this about consistency between devices and getting Facebook out of the way.
1:27 P.M.: Feeds will look and feel the same wherever you are, on all platforms.
1:23 P.M.: Chris Struhar walking through choice of feed. Giving consumers MORE CONTROL— allowing you to see every event friends are going to, every photo they're up loading, "Just like a newspaper when you jump to the sports section" you can jump between lists of feeds."
1:21 P.M.: Facebook to start showing articles about people, pages, and public figures you care about.
1:19 P.M.: Facebook embraces Pinterest — looking to complement rather being replaced by it.
Zhou stresses that your news feed will be "custom tailored to you" based on what friends are doing and places you've visited.
1:18 P.M.: Zhou: "A lot of the content that's shared on FB comes from Pinterest."
"In our new design we are giving these rich visuals more prominence—better reflects what you see on Pinterest," she said. (This seems to me to be part of an effort to keep people within FB's walled garden consuming content there, not leaving the platform.)
1:15 P.M.: Zhou: "In the new News Feed redesign we are really taking photos and putting them front and center so you can get a sense of things friends are sharing."
"We're also giving photo albums people share a "major face-lift," she said.
More prominent image, longer text, add logo of publisher to let users easily click through to read content. A lot of people spend time crating their timeline to give a better sense of who they are - we are incorporating that into the News Feed.
Not just good for people - it works really well for BRANDS and BUSINESSES, Zhou said.
1:13 P.M.: New design makes photos and videos huge and it unifies the look on mobile and desktop... Allows users to have a choice of feeds—and the user interface inspired by mobile.
1:12 P.M.: News feed has become primarily about visual content- photos!
1:11 P.M.: "You should be able to share publicly or with just a few friends," he said. "We think there's an important place for a "personalized newspaper."
1:09 P.M.: "From the beginning our goal w/ news feed was different to any other social services," he said. "The types of stories that we tell when we communicate with a photo than with a text are completely different."
1:07 P.M.: Zuckerberg says "Our mission is to make the world more open and connected... News feed is one of most important services."
"We believe that the best personalized newspaper should have a variety of content," he said.
1:06 P.M: CEO Mark Zuckerberg takes the stage.
12:51 P.M.: About 100 journalists have gathered at Facebook's Menlo Park headquarters to see its new News feed design. They've just opened up the doors and the journalists—along with a bunch of Facebook engineers have packed into the "Son of Ping and Pong room."
As everyone gets set up we expect the presentation to start a few minutes late
Editor's Note: Facebook is set to announce changes to its News Feed today, and while we don't know exactly what it will be revealing, there's speculation the changes will include larger images and filters for the feed.
"They will begin to introduce News Feeds that can be filtered, like a pages feed, music feed and picture feed," said Jason Stein, founder and president of the social media agency Laundry Service, in what he called a "fragmentation" of Facebook's capabilities.
(Read More: News (Feed) Flash: Facebook Eyes New Changes )
The event is being hosted at the Facebook headquarters in Menlo Park, Calif. and is scheduled to begin at 1:00 P.M. ET.
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CNBC's Media Money reporter Julia Boorstin is sending live updates from the event.
CNBC Producer Harriet Taylor contributed to this report.