American web services provider Yahoo India has shut down its news operations in the country today due to the new FDI regulations. A statement on Yahoo India's homepage read that it was affected by the new regulatory laws in India that limit foreign ownership media companies from operating and publishing digital content.
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. Yahoo India services like Yahoo News, Yahoo Cricket, Finance, Entertainment, and MAKERS India have ceased publication, reported The News Minute.
"We did not come to this decision lightly. 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," read the FAQ section of Yahoo. The brand further thanked readers for their support and trust.
The Union government capped Foreign Direct Investment (FDI) in digital media to 26% in September 2020. Companies with over 26% were instructed to take necessary steps to bring down the foreign investment to 26% by October 15, 2021.