Facebook Inc. is acquiring London artificial intelligence startup Bloomsbury AI Ltd. in a cash-and-stock deal worth between $23 million and $30 million, TechCrunch reported July 2, citing multiple sources.

The social media giant reportedly plans to use Bloomsbury AI to tackle fake news and other content issues on its platform.

The acquisition will reportedly also fulfill Facebook's aim to have an AI presence in London.

Bloomsbury AI has developed natural language processing technology for information collected from documents. Its co-founder and head of research, Sebastian Riedel, also co-founded and is an advisor to British startup Factmata Ltd., which has developed technology to deal with hate speech, propaganda, fake news and clickbait.

The news comes more than a month after Facebook founder, Chairman and CEO Mark Zuckerberg said his social network has failed to "take a broad enough view" of its potential to fuel fake news, interfere in elections and spread hate speech.

The company revealed new strategies to fight fake news, including taking action against pages and websites that repeatedly share false news and partnerships with third-party fact-checkers.