Yahoo has shut down its news websites in India today, a result of the new foreign direct rules in India, which limit the foreign ownership of media companies that operate and publish digital content in India.
This includes Yahoo News, Yahoo Cricket, Finance, Entertainment, and Makers India. A notice on Yahoo India’s homepage alerted readers that as of August 26, Yahoo will no longer be publishing content. Yahoo Mail, Search, and Account will not be affected by this, the notice said.
The website’s FAQ page explained that 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”.
The page clarified that Yahoo Cricket will be shutting down because, despite being sports, it has a “news” component. It added, “We’ve had a long association with India, and remain open to opportunities that connect us to users here.”
US tech major Verizon had acquired Yahoo in 2017. In November 2020, the Modi government capped FDI in digital media in India at 26 percent, and instructed those exceeding the mark to “bring down” foreign investment by October 2021. HuffPost India, also owned by Verizon, was the first casualty of the FDI regulations in November.
Yahoo further said it remains “open to opportunities that connect” them to users in India.
This story first appeared on newslaundry.com
