Facebook is dialing down its dealings with outside companies that collect information about consumers.

The embattled tech company announced late Wednesday it is shutting down a tool that enables advertisers to target users with information gathered by external data brokers. Facebook said winding down the tool, which will happen over a six-month period, will give people greater privacy on its platform.

The social network is in damage control after revelations that Cambridge Analytica, a data firm with ties to President Donald Trump's campaign, reportedly accessed information from about 50 million Facebook users without their knowledge.

Through a tool known as Partner Categories, Facebook has allowed advertisers to target highly specific groups of people on its platform using additional information gathered by the data-collecting firms.

Read More from CNN: http://money.cnn.com/2018/03/29/technology/facebook-data-brokers-advertising/index.html