The Walt Disney Co. has “dramatically” slashed its advertising budget on Facebook and Facebook-owned Instagram, according to a report in the Wall Street Journal as reported by Bloomberg.
It’s the latest setback for the social network, which is facing a growing advertising boycott over its policies and actions on hate speech on its platforms. The Journal, citing unnamed sources familiar with the matter, said the time frame for Disney’s pullback was not clear.
Such large companies as Starbucks, Unilever, Verizon, and Ford have also cut back or withdrawn advertising on the social media platform. The call for a boycott came from such groups as the Anti-Defamation League and NAACP, who claim Facebook has not enforced policies on so-called “hate speech” and misinformation.
“We know we have more work to do,” Facebook said in a statement. It claimed it was working with civil-rights groups, a leading ad trade group, and others “to develop even more tools, technology and policies to continue this fight.”
Disney has yet to issue a statement regarding the cuts.
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