Nicholas Thompson and Fred Vogelstein has a gripping feature in Wired called Inside Facebook’s Two Years of Hell. It’s long, but very much worth reading. It takes us through a journey that starts with Facebook’s years of denial:

It appears that Facebook did not, however, carefully think through the implications of becoming the dominant force in the news industry. Everyone in management cared about quality and accuracy, and they had set up rules, for example, to eliminate pornography and protect copyright. But Facebook hired few journalists and spent little time discussing the big questions that bedevil the media industry. What is fair? What is a fact? How do you signal the difference between news, analysis, satire, and opinion? Facebook has long seemed to think it has immunity from those debates because it is just a technology company—one that has built a “platform for all ideas.”

And it ends at the point they are at now: starting to realize that they can’t hide behind the “we’re just a platform” excuse any more.