Facebook Inc will unveil a new look for its popular "newsfeed" next week, the latest move by the Web company to revamp key elements of its 1-billion member social network.

Facebook will showcase the newsfeed makeover at a media event on March 7 at its Menlo Park, California headquarters, the company said in an emailed invitation sent to reporters on Friday.

The event will be Facebook's second high-profile product event this year, following the rollout of its social search feature in January.

Shares of Facebook, the world's No.1 social network, were up 20 cents at $27.45 in midday trading on Friday.