The recommendation by the Telecom Regulatory Authority of India (TRAI) to allow private FM radio operators to broadcast news and current affairs programmes presents a plethora of possibilities for the media industry. While acceptance of the recommendation by the Ministry of Information and Broadcasting is awaited, FM radio operators are hopeful of tapping into a larger share of the commercial advertising market once they are allowed to broadcast news and current affairs. The TRAI has recommended that news and current affairs programmemes on private FM radio be limited to 10 minutes in each clock hour, and the programme code of conduct as applicable to All India Radio (AIR) for news content may also be applied to FM radios. Currently, private FM radio broadcasters are allowed to broadcast AIR news bulletins without any alterations. They are not allowed to air other news and current affairs programme. These FM radios have permission to share information related to local events and local issues like traffic blockades, examination updates, utility service updates, etc., states TRAI in its recommendation. The print industry, more particularly the local newspapers, with their reducing share of the total advertising market, could be impacted if advertisers start viewing FM radio media channels for news and current affairs as an alternative to newspapers. Relaxing control over the broadcasting of news and current affairs by private FM radio operators is a long-pending demand. For large media owners with multiple media outlets for news and current affairs—newspapers, television, digital platforms, and FM radio—the likely migration of revenue from newspapers owned by them to their own FM radios is not going to reduce their overall share of the advertising market. For smaller newspapers that cater to local and regional news and current affairs, the migration of commercial advertisements to private FM radio could pose a sustainability challenge. The TRAI floated a consultation paper seeking input by stakeholders of FM radios to determine whether there is a necessity to evaluate the existing policy guidelines concerning news and current affairs broadcasted on private FM radio stations. The TRAI also requested stakeholders to provide detailed justification for such a requirement, including the additional compliance and reporting, duration of news and current affairs programmes, and method of effective monitoring. The majority of the stakeholders have suggested that the restriction on the broadcast of news and current affairs content via radio should be reviewed and relaxed. Some stakeholders have mentioned that the ongoing restriction on the broadcast of news and current affairs content on radio is a direct violation of the constitutional rights of FM radio broadcasters. They have argued that Article 19(1)(a) of the Constitution guarantees not only the right to disseminate information but also the right to receive information. These stakeholders have further mentioned, states TRAI, that the freedom of the press implies that the decision of what gets published in the editorial or news columns of a newspaper should lie with the editor, rather than any public official or the government and the same principle should extend to private FM radio as well, highlights the TRA document containing its recommendation. Some stakeholders expressed the view that the monopoly of AIR over news content imposes limitations on radio listeners, depriving them of diverse sources of news. The view, as expressed by some in response to the TRAI consultation paper, that private FM radio broadcasters can deliver news that is highly relevant to local audiences without imposing any cost burden on them is what should worry the local and small newspapers about losing their subscribers to private FM radios, as in such a situation some subscribers will weigh between the option of a newspaper subscription and listening to FM radio news bulletins and current affairs programmes on their mobile handsets. The TRAI has recommended that functions or features pertaining to FM radio should remain enabled and activated on all mobile handsets having the necessary hardware and built-in FM radio receiver. Mobile handsets must not be subjected to any form of disablement or deactivation. FM radio stations are spread in 100 cities across the country, and the easy access to their broadcast via mobile phones can be expected to attract more listeners to depend on private FM radios if they are allowed to broadcast news and current affairs as recommended by the telecom regulator. Loss of share of commercial advertisement runs the risk of pushing small newspapers to depend more on government advertisement for sustainability, and such a situation poses the risk of newspapers losing independence. These newspapers are struggling to survive after suffering serious financial hardship during the pandemic. The government, while considering the TRAI recommendations, is also expected to articulate policies to protect the interests of newspapers, keeping in mind the important role played by the print media as one of the most reliable sources for authenticated news when fake news is spread across social media.