Yahoo, an American web services provider, said it was impacted by changes to regulatory laws in India, limiting foreign ownership of media companies that operate and publish digital content in India.
Yahoo India screenshot
Yahoo India, an American web services provider, shut down its news operations in the country on Thursday, August 26. It has ceased publication of content in India, with offerings like Yahoo News, Yahoo Cricket, Finance, Entertainment and MAKERS India closed. “As of August 26th, 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,” reads the statement on the Yahoo India homepage. Yahoo India stated that it was impacted by changes to regulatory laws in India, limiting foreign ownership of media companies that operate and publish digital content in India. “We did not come to this decision lightly,” it said in its FAQ section, adding, “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. Once again, thank you for your support and trust in our brand.” In September 2020, the Union government capped Foreign Direct Investment (FDI) in digital media to 26%. It also directed entities with over 26% to take necessary steps to bring down the foreign investment to 26% by October 15, 2021 and seek the approval of the Ministry of Information and Broadcasting. Yahoo is owned by technology company Verizon Media. The company reiterated that the latest development will not affect its other products including Yahoo Mail and Yahoo Search.
No comments:
Post a Comment