THE English-dominant CNN Philippines on free TV is closing after nine year of operation, the company announced on Monday, citing huge financial losses.
The news was relayed to the employees who officially received the news at a general assembly.
A statement was issued by the company where CNN Philippines said it will discontinue operations on all media platforms effective January 31.
Earlier, employees anxiously await an announcement from management as rumors of a shutdown circulate
The CNN Philippines cut around 70 jobs as it attempts to improve financials and earn profit.
“It is with deep regret that the management of Nine Media Corporation (NMC) announces the discontinuation of its news and production operations on all media platforms, branded as CNN Philippines (CNNPH), effective 31 January 2024. The decision follows significant financial losses sustained over the past years, despite rigorous efforts to adapt and innovate in a rapidly evolving and challenging media landscape,” the company said.
CNN said they will provide “severance packages” to all its 300 employees and talents.
In a TV broadcast, CNN PH said: “To our staff, we thank you for your commitment and dedication. To our partners, including CNN Worldwide/Turner Broadcasting Corporation, we are grateful for your support. And to our viewers, our sincerest gratitude for your loyalty and trust over the past nine years.”
Nine Media, which handles CNN Philippines, struck a deal with Turner Broadcasting System Asia Pacific in 2014 for the former to use CNN-branded materials.
The five-year deal was renewed up to December 2024, but Nine Media decided to end it at an earlier date.
