New FDI rules prompt Yahoo News to exit India

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New FDI rules prompt Yahoo News to exit India

Yahoo brought down the shutters on its news websites on 26 August as a result of recently updated foreign direct investment rules that limit foreign ownership of digital media.

“The decision did not come lightly” for Yahoo, which has been in India for the past 20 years. The company has shut Yahoo News, Yahoo Cricket, Finance, Entertainment and Makers India websites in the country. However, Yahoo Mail and Search will continue to function as normal.

Stating concerns over national security and fear of cyberattacks, spying and fake news, the government introduced a 26% FDI cap on companies engaged in uploading and streaming news and current affairs on digital platforms. Any fresh foreign investment requires government approval.

Existing companies had until 15 October 2021 to dilute foreign shareholding to 26% as per a clarification issued in October 2020.

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The Briefing is prepared by Freny Patel