On 9 February 2022, the new Law on media № 471-VIQ, dated 30 December 2021, became effectice. Pursuant to the law, foreign participation in mass media company, including TV and radio broadcasting and printed media companies cannot exceed 25% of its authorised capital. 
Previously, legal entities and citizens of foreign countries coul not establish a mass media in Azerbaijan, unless there was an interstate agreement to the contrary. A legal entity of foreign state was defined as a legal entity of which more than 30% of the authorized capital or shares belonged to legal entities and citizens of a foreign state or of which 1/3 of founders are legal entities or citizens of a foreign state. For the purposes of the OECD FDIRRI, this measure was interpreted as establishing a foreign equity threhold at 30%. Foreign shareholding above such a theshold was exceptionally possible if provided by an international agreement.
"Chapter 1 - General Provisions
Article 1. Basic concepts
1.1. For the purposes of this Law, the following basic concepts are used:
1.1.1. mass information - information published and (or) broadcasted by media subjects in order to reach an unlimited number of people, whose acquisition, transmission, production and distribution are not limited by the laws of the Republic of Azerbaijan;
1.1.2. media - tools and means used to carry out periodic or regular publication and (or) broadcasting of mass information, as well as the information environment formed through them;
1.1.3. media entity - a physical (except for journalists) or legal entity whose main activity is the publication and (or) broadcasting of mass information;
[...]
Article 16. Dissemination of information received from foreign sources
16.1. Citizens of the Republic of Azerbaijan and legal entities of the Republic of Azerbaijan have the right to obtain information directly from foreign sources, including foreign media subjects.
16.2. Broadcasting of foreign television and radio programs using radio frequencies intended for terrestrial broadcasting in the Republic of Azerbaijan is allowed in the cases stipulated in the international agreements to which the Republic of Azerbaijan is a party.
16.3. The distribution of foreign print media products whose editorial office is outside the borders of the Republic of Azerbaijan is allowed in the territory of the Republic of Azerbaijan in the cases stipulated in the international agreements to which the Republic of Azerbaijan is a party. If these agreements do not provide for the distribution of foreign print media products, these issues are determined by the body (institution) determined by the relevant executive authority.
[...]
Chapter 2 - Media subjects
Article 25. Media subjects
25.1. Media subjects are:
25.1.1. audiovisual media subjects;
25.1.2. print media subjects;
25.1.3. online media entities;
25.1.4. information agencies.
Article 26. Requirements for the media subject
26.1. The media subject requirements are as follows:
26.1.1. if the founder is a natural person, he must be a citizen of the Republic of Azerbaijan permanently residing in the Republic of Azerbaijan;
26.1.2. if the founder is a legal entity, the majority share in its charter capital (75 percent) must belong to a citizen (citizens) of the Republic of Azerbaijan permanently residing in the Republic of Azerbaijan and (or) a legal entity (legal entities) registered in the Republic of Azerbaijan;
26.1.3. if the media subject is a natural person, he/she must be a citizen of the Republic of Azerbaijan permanently residing in the Republic of Azerbaijan and must meet the requirements of Article 26.3 of this Law.
26.2. The requirements stipulated in Articles 26.1.1 and 26.1.2 of this Law shall also apply to the participants of the persons who are direct and indirect participants of the legal entity that is the founder of the media entity.
26.3. The following persons cannot be the founder (participant) of a media entity:
26.3.1. persons previously convicted of serious or particularly serious crimes, as well as crimes against public morality;
26.3.2. persons whose convictions have not been paid or not expunged;
26.3.3. persons deemed by the court to be incapacitated or with limited capacity.
26.4. Political parties and religious organizations can only be founders (participants) of print media.
26.5. It is not allowed to finance the media subject by individuals or legal entities of foreign countries that are not its founders (participants), their branches and representative offices, legal entities established by those individuals in the Republic of Azerbaijan, as well as state institutions of foreign countries.
26.6. The Council must be informed 1 (one) month before making any changes in the composition of the participants of the audiovisual media subject. The Council issues a reasoned opinion within 1 (one) month that the change is in accordance with the requirements of this Law. Based on the positive opinion given, documents confirming the changes made in the composition of the participants of the audiovisual media subject must be submitted to the Council within 1 (one) month.
26.7. Audiovisual media subjects must submit information about founders and participants, as well as the head of the management body, to the Council, and other media subjects to the body (institution) determined by the relevant executive authority by December 30.
26.8. The head of the management body of the media subject must have a higher education, as well as meet the requirements of Articles 26.1.1 and 26.3 of this Law. 
[...]
Article 69. Sponsorship in print media and online media
69.1. Activities of print media and online media subjects and broadcasting of media products can be financed by the sponsorship of citizens of the Republic of Azerbaijan and legal entities of the Republic of Azerbaijan. Persons engaged in the production and (or) sale of goods whose advertising is prohibited by the Law of the Republic of Azerbaijan "On Advertising" cannot be sponsors.
69.2. Legal and natural persons of foreign countries can sponsor only up to 25 (twenty-five) percent of each product of print media and online media subjects.
69.3. Sponsorship of print media and online media entities cannot affect the journalist's independence.
69.4. Information about this should be printed in periodical publications prepared with the sponsor's financial assistance.
69.5. Sponsor advertisement is published in accordance with the Law of the Republic of Azerbaijan "On Advertising".
[...]
Article 78. Transitional provisions [...]
78.6. From the day this Law entered into force, the Law of the Republic of Azerbaijan " On Mass Media " (Legislative Collection of the Republic of Azerbaijan, 2000, No. 2, Article 82; 2001, No. 12, Article 736; 2002, No. 3, Article 116, No. 5, Article 245; 2004, No. 2, Articles 57, 58; 2005, No. 4, Article 278; 2007, No. 8, Article 752, No. 11, Article 1079; 2009, No. 4, Article 212, No. 8, Article 611; 2010, No. 3 , Article 172; 2015, No. 2, Article 82, No. 11, Articles 1258, 1292; 2016, No. 1, Article 40, No. 5, Article 837, No. 12, Article 1986; 2017, No. 12 (Book I), Article 2254; 2018, No. 1, Article 16, No. 5, Article 891, No. 6, Article 1166; 2019, No. 3, Article 376, No. 12, Article 1882; 2020, No. 6, Article 671) and "Television and radio broadcasting about" Law of the Republic of Azerbaijan (Legislative Collection of the Republic of Azerbaijan, 2002, No. 10, Article 583; 2004, No. 1, Article 10; 2005, No. 4, Article 278, No. 6, Article 469; 2006, No. 11, Article 932, No. 12 , Article 1005; 2007, No. 6, Article 560, No. 8, Article 749, No. 11, Article 1053; 2009, No. 6, Article 394; 2010, No. 7, Article 600; 2011, No. 2, Article 70; 2015, No. 4, Article 354; 2016, No. 12, Article 1987; 2018, No. 2, Article 153, No. 6, Article 1167, No. 12 (Book I), Article 2477; 2019, No. 12, Article 1882; 2020, No. 6 , articles 671, 673) are canceled.[...]" (Law of the Republic of Azerbaijan "on media" № 471-VIQ dated 30 December 2021 [google translated]).
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Previously
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"Chapter I - GENERAL PROVİSİONS [...]
Article 3. Basic concepts
Definitions used in this Law have the following meanings: [...]
mass media - periodicals, TV and radio programs, news agencies, internet information resources , cinematographic programs and other forms of broadcasting;
[...]
Chapter III - THE LEGAL BASİS FOR THE ORGANİZATİON OF MASS MEDİA
Article 14. Establishment of Mass Media
Permission is not required from the state authorities to establish media outlets.
A legal or natural person wishing to establish a press release must file an official appeal to the relevant executive authority 7 days before the publication of the publication. The request should include:name, purpose, periodicity, legal address of the press; the name and surname of the founder, if any, of the publisher (editor-in-chief); registered charter if the founder or editorial board of the press is a legal entity.
[...]
The right to establish mass media alone or jointly with public authorities, municipalities, political parties (for press releases only), public associations, offices, enterprises and organizations, citizens permanently residing on the territory of the Republic of Azerbaijan. [...]
Establishment of mass media in the territory of the Republic of Azerbaijan by legal entities and natural persons of foreign states is regulated by an interstate agreement signed by the Republic of Azerbaijan. (legal entity of a foreign state means legal entities with more than 30% of the authorized capital or shares of a legal entity owned by foreign legal entities or citizens or more than 1/3 of its founders are foreign legal entities or citizens).
Financing of mass media by state bodies, legal entities and physical persons of foreign countries is not allowed except for the cases specified in the fifth part of this article and article 21 of the present Law, as well as provided by the legislation of the Republic of Azerbaijan.
[...]
Chapter IV - LEGAL BASİS OF PRESS RELEASE PRODUCTİON
Article 22. Editorial staff of the press
The editorial office carries out its activity on the basis of professional independence and charter . [43]
The editorial staff can be a legal person, founder of the periodical press, property owner, publisher and distributor. [44]
The editor (editor-in-chief) of the press should have higher education and be a citizen of the Republic of Azerbaijan. [...]" (Law of the Republic of Azerbaijan "on mass media" № 769-IQ dated 7 December 1999 [google translated])
Law of the Republic of Azerbaijan "on media" № 471-VIQ dated 30 December 2021 [google translated]
Law of the Republic of Azerbaijan "on mass media" № 769-IQ dated 7 December 1999 [google translated]
[<a href="https://e-qanun.az/framework/49124">Law</a>],[<a href="http://www.e-qanun.az/framework/30">Law</a>]