27 August , 2021 Fdiindia
Yahoo Shuts Down News Websites, Digital Content in India Over New FDI Rules
Due to new foreign direct investment (FDI) regulations that prohibit foreign ownership of media businesses that produce and publish digital content in India, Yahoo has shut down its news websites in India.
Yahoo News, Yahoo Cricket, Finance, Entertainment, and MAKERS India are all part of this. Users' Yahoo e-mail and search experiences in India, however, would be unaffected.
"Yahoo India will cease producing material on August 26th, 2021. Your Yahoo Account, Mail, and Search experiences will be unaffected and will continue to function normally. We appreciate your patronage and reading "According to a message on the Yahoo website.
Verizon, a US technology company, bought Yahoo in 2017.
Yahoo said in the FAQ section that the firm has stopped publishing material in India and has shut down Yahoo's content activities in the nation as of August 26, 2021.
"This was not an easy choice for us to make. However, changes to Indian regulatory regulations have had an effect on Yahoo India, limiting foreign ownership of media firms that operate and produce digital content in India. Yahoo has a long history in India, and we're proud of the quality, local content we've given our customers over the past two decades "It was said.
Yahoo Cricket, it said, "was affected by the new FDI rules that prohibit foreign ownership of media businesses that produce and distribute digital content in India in the 'News and Current Affairs' sector," since it includes a "news" component.
It expressed gratitude to all of its Indian customers for their "support and confidence" throughout the years, and said that it is "open to possibilities that link us to people here."
According to the new FDI rules, digital media firms in India may accept up to 26% foreign investment, subject to the permission of the central government, which will take effect in October.
"If you use Yahoo Mail, this change has no bearing on you. This development has no effect on our products Yahoo Mail and Yahoo Search, which will continue to serve Indian users in the same manner as previously "It was said.