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Facebook shutting down third-party ad targeting tool

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Facebook is shutting down a tool called "Partner Categories," which allowed marketers to access third-party data to target advertising, the company confirmed to Axios on Wednesday.

Why it matters: It's the most tangible product update the company has made in the wake of the Cambridge Analytica scandal, which sparked a global conversation around user data privacy being compromised for advertising and marketing purposes. It's also a move that will have very tangible affects on Facebook's business, as many marketers rely on this type of data to target ads on the platform.