Yahoo shuts down news sites in India due to FDI rules
With the new foreign direct investment (FDI) rules limiting foreign ownership of media companies that operate and publish digital content in India, Yahoo has shut down its news sites in the country.
This includes Yahoo News, Yahoo Cricket, Finance, Entertainment and MAKERS India. However, there will be no affect on Yahoo e-mail and search experiences in India.
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“As of August 26, 2021, Yahoo India will no longer be publishing content. Your Yahoo account, mail and search experiences will not be affected in any way and will operate as usual. We thank you for your support and readership,” a notice on the Yahoo website reads. In 2017, Yahoo was acquired by US tech major Verizon.
The statement further reads, “We did not come to this decision lightly. However, Yahoo India has been impacted by changes to regulatory laws in India that now limit the foreign ownership of media companies that operate and publish digital content in India. Yahoo has had a long association with India and we’re really proud of the premium, local content we have provided our users here for the last 20 years,” it said.
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Since Yahoo Cricket has a news component, it has been impacted under the new FDI regulations.
The FDI regulations
The new FDI regulations will come into effect in October. Under the new regulations, digital media companies in India can accept up to 26 per cent investment in the form of foreign investment, subject to approval from the Central Government.
-PTC News
