American telecom giant Verizon has shut down its Yahoo India digital news operations in India from Thursday. Yahoo Mail will not be impacted by this shutdown. The sites that have been affected by this decision include Yahoo News, Yahoo Cricket, Yahoo Finance, and Entertainment.
The decision comes on the heels of the new Foreign Direct Investment (FDI) regulations which prohibits foreign funding of more than 26 percent in digital news media outlets. The home page of Yahoo News said, "As of August 26, 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."
Yahoo News has had a long association with India over the last 20 years providing news content in the digital media space, and many users expressed disappointment at its closure. Yahoo added that it did not take the decision lightly and was impacted by the new FDI regulations.
"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," said April Boyd, head of Global Public Policy, Verizon Media, as quoted by Economic Times.
The company has reiterated that this move will not affect users of Yahoo Mail in any way and Indian Yahoo Mail users can continue using their services without any disruption.
Indian users can still access the international Yahoo News website and also US Yahoo News.
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