Walt Disney Co. has dramatically slashed its advertising spending on Facebook Inc., according to people familiar with the situation, the latest setback for the tech giant as it faces a boycott from companies upset with its handling of hate speech and divisive content.

Disney was Facebook’s top U.S. advertiser for the first six months of 2020, research firm Pathmatics Inc. estimates. It joins hundreds of other companies that have paused spending, including Unilever PLC, Starbucks Corp., Ford Motor Co., Verizon Communication…

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