The New York Times (NYSE: NYT) and NYC-based tech and social media incubator Betaworks are working on a new “personalized news service” called News.me, which will debut on the iPad, the Times reports. The companies aren’t providing any details about what the app will entail, although the Times report includes some generic comments (“we’re building something wonderful and amazing in the social news space”) and there’s already a logo. It’s supposed to launch later this year.

The New York Times Co. invested in Betaworks earlier this year and the Times says the company subsequently sold a prototype of an app it had developed in-house to Betaworks and has since worked on it with the incubator. It forms the basis for News.me.

One thing that stands in favor of whatever is in the works: Betaworks’ track record is incredibly strong. It has incubated or invested in a who’s who of the hottest social media companies around right now, including bit.ly, Twitterfeed, Stocktwits, Chartbeat, DailyBooth, Hot Potato, Tumblr, and Outside.in—to name a few.

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