Foreign shareholding in radio (FM) broadcasting companies and in ‘News & Current Affairs’ TV Channels is limited to 49%, and the investment is subject to prior gorvernmental approval. Foreign shareholding in digital media outlets disseminating (uploading/streaming) news & current affairs is limited to 26% and such investment is equally subject to prior governemnt approval. Since 2019, approval by the Reserve Bank of India is no longer required for the openning of branch offices of foreign companies  in defence, telecom, information and broadcasting and private security services, provided that they have an approval of the regulator and the ministry concerned.
"CHAPTER 3: GENERAL CONDITIONS ON FDI [...]
3.4   ENTRY ROUTES FOR INVESTMENT 3.4.1 Investments can be made by non-residents in the equity shares/fully, compulsorily and mandatorily convertible debentures/fully, compulsorily and mandatorily convertible preference shares of an Indian company, through the Automatic Route or the Government Route. Under the Automatic Route, the non-resident investor or the Indian company does not require any approval from Government of India for the investment. Under the Government Route, prior approval of the Government of India is required. Proposals for foreign investment under Government Route, are considered by respective Administrative Ministry/Department. 
[...]
3.5   CAPS ON INVESTMENTS
3.5.1 Investments can be made by person resident outside India in the capital of a resident entity only to the extent of the percentage of the total capital as specified in the FDI policy. The caps in various sector(s) are detailed in Chapter 5 of this Circular. 
3.6   ENTRY CONDITIONS ON INVESTMENT
3.6.1 Investments by non-residents can be permitted in the capital of a resident entity in certain sectors/activity with entry conditions. Such conditions may include norms for minimum capitalization, lock-in period, etc. The entry conditions in various sectors/activities are detailed in Chapter 5 of this Circular.
[...]
5.2 PERMITTED SECTORS
a) In the following sectors/activities, FDI up to the limit indicated against each sector/activity is allowed, subject to applicable laws/regulations; security and other conditionalities. In sectors/activities not listed below, FDI is permitted up to100% on the automatic route, subject to applicable laws/regulations; security and other conditionalities. [...]
c) Foreign investment in sectors under Government approval route resulting in transfer of ownership and/or control of Indian entities from resident Indian citizens to nonresident entities will be subject to Government approval. Foreign investment in sectors under automatic route but with conditionalities, resulting in transfer of ownership and/or control of Indian entities from resident Indian citizens to non-resident entities, will be subject to compliance of such conditionalities. 
[...]
5.2.7 BROADCASTING
5.2.7.1 BROADCASTING CARRIAGE SERVICES 
Sector/Activity | % of Equity/FDI Cap | Entry Route 
5.2.7.1.1
(1)Teleports(setting up of up-linking HUBs/Teleports);
(2)Direct to Home (DTH);
(3)Cable Networks (Multi System operators (MSOs) operating at National or State or District level and undertaking upgradation of networks towards digitalization and addressability);
(4)Mobile TV;
(5)Headend-in-the Sky Broadcasting Service(HITS) | % of Equity/FDI Cap: 100% | Entry Route: Automatic 
5.2.7.1.2 Cable Networks(Other MSOs not undertaking upgradation of networks towards digitalization and addressability and Local Cable Operators (LCOs))  | % of Equity/FDI Cap: 100% | Entry Route: Automatic 
Note [to parag. 5.2.7.1.1-2]: Infusion of fresh foreign investment, beyond 49% in a company not seeking license/permission from sectoral Ministry, resulting in change in the ownership pattern or transfer of stake by existing investor to new foreign investor, will require Government approval. 
5.2.7.2 BROADCASTING CONTENT SERVICES 
Sector/Activity | % of Equity/FDI Cap | Entry Route 
5.2.7.2.1 Terrestrial Broadcasting FM (FM Radio), subject to such terms and conditions, as specified from time to time, by Ministry of Information & Broadcasting, for grant of permission for setting up of FM Radio stations | % of Equity/FDI Cap: 49% | Entry Route: Government
5.2.7.2.2  Up-linking of ‘News & Current Affairs’ TV Channels | % of Equity/FDI Cap: 49% | Entry Route:  Government
5.2.7.2.3 Uploading/Streaming of News & Current Affairs through Digital Media | % of Equity/FDI Cap: 26% | Entry Route: Government
5.2.7.2.4 Up-linking of Non- ‘News & Current Affairs’ TV Channels/ Down-linking of TV Channels | % of Equity/FDI Cap: 100% | Entry Route: Automatic  
5.2.7.3 Detailed guidelines on the Broadcasting Sector are given in Annexure-6. 
[...]
Annexure-6 Conditions for Broadcasting Sector  
1.3 Foreign investment in the aforestated broadcasting carriage services will be subject to the following security conditions/terms:  Mandatory Requirement for Key Executives of the Company (i) The majority of Directors on the Board of the Company shall be Indian citizens. (ii) The Chief Executive Officer (CEO), Chief Officer in-charge of technical network operations and Chief Security Officer should be resident Indian citizens.  Security Clearance of Personnel (iii) The Company, all Directors on the Board of Directors and such key executives like Managing Director/Chief Executive Officer, Chief Financial Officer (CFO), Chief Security Officer (CSO), Chief Technical Officer (CTO), Chief Operating Officer (COO), shareholders who individually hold 10% or more paid-up capital in the company and any other category, as may be specified by the Ministry of Information and Broadcasting from time to time, shall require to be security cleared.  [...]
National Security Conditions  (xviii)It shall be open to the licensor to restrict the Licensee Company from operating in any sensitive area from the National Security angle. The Government of India, Ministry of Information and Broadcasting shall have the right to temporarily suspend the permission of the permission holder/Licensee in public interest or for national security for such period or periods as it may direct. The company shall immediately comply with any directives issued in this regard failing which the permission issued shall be revoked and the company disqualified to hold any such permission in future for a period of five years. [...]" (Government of India/Ministry of Commerce and Industry (2020), Consolidated FDI Policy (Effective from October 15, 2020))
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[not repoduced here] (Reserve Bank of India, Notification No. FEMA 22 (R)/(2)/2019-RB, Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) (Amendment) Regulations, 2019)
Government of India/Ministry of Commerce and Industry (2020), Consolidated FDI Policy (Effective from October 15, 2020)
Reserve Bank of India, Notification No. FEMA 22 (R)/(2)/2019-RB, Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) (Amendment) Regulations, 2019
[<a href="https://dpiit.gov.in/sites/default/files/FDI-PolicyCircular-2020-29October2020_0.pdf">Policy</a>],[<a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=11519&Mode=0">Notification</a>]