Yahoo news sites to shut down in India | Economic Times

American technology firm Verizon Media, which owns Yahoo, plans to shut down its news websites in India due the new foreign direct investment (FDI) regulations that prohibit foreign funding of more than 26% in digital news media outlets.The company will shut down its news sites including Yahoo Cricket, Yahoo Finance, News, Entertainment and others in the next few days."There have been changes in the rules limiting foreign ownership of media companies that operate in the news and current affairs space, including a digital media entity that streams, uploads digital news and current affairs content in India and news aggregators," April Boyd, head of Global Public Policy, Verizon Media, said.Having evaluated the operational and economic challenges in restructuring the media business within the specified timeframe, and the absence of requisite government approvals to operate our news and current affairs content business in India, we have made the decision to shut down Yahoo's news and current affairs content operations in India, she added.According to new FDI regulations, which will come into effect in October, digital media companies in India can accept up to 26 percent investment in form of foreign investment subject to approval from the central government.Verizon will, however, continue to operate Yahoo Mail and Yahoo Search, and its adtech business in India.Verizon has been trying to get approval from the government since November 2020 and has not succeeded.