CNN Philippines announces closure due to 'financial losses'
MANILA, Philippines — Nine Media Corp. (NMC) on Monday announced that television network CNN Philippines will officially cease operations starting Wednesday, January 31.
The TV network announced its shutdown in a general assembly of its staff on Monday, citing “serious financial losses” which was "worsened by the COVID-19 pandemic," according to inside sources.
“CNN Philippines will discontinue operations on all media platforms effective Wednesday, Jan. 31, 2024,” the network said in an advisory posted on social media.
“We are forever grateful for the stories we've shared, the audience we've served, and to our dedicated team for their commitment to uphold the values of truth, accuracy, fairness, and accountability,” the caption of the social media post read.
Turning the final page of the CNN Philippines newsroom's story. We are forever grateful for the stories we've shared, the audience we've served, and to our dedicated team for their commitment to uphold the values of truth, accuracy, fairness, and accountability.
— CNN Philippines (@cnnphilippines) January 29, 2024
Thank you for… pic.twitter.com/nSq9LLfWqc
The network closure was first reported by Media Newser Philippines on Thursday last week, following CNN and Nine Media’s decision to terminate their licensing agreement due to the company’s purported financial woes.
Subsequently, inside sources told Philstar.com that an internal memo instructed all network personnel to attend a general assembly on Monday in response to the news of the company shutting down.
BREAKING: CNN Philippines officially announces that it will stop news production operations starting today as a result of "serious financial losses" #NewsYouCanTrust pic.twitter.com/BxheRwkej0
— Tristan Nodalo (@TristanNodalo) January 29, 2024
On its last day of airing, the network still aired its morning show “New Day.” However, it did not air its daily 9 a.m. talk show “The Source."
Since its inception in 2015, CNN Philippines has been utilizing the RPN-9 frequency.
Following the network’s cessation of operations, the frequency will now be under government control.
In 2015, Turner Broadcasting System Asia Pacific and Nine Media Corp jointly launched CNN Philippines, a primarily English-language free-to-air news channel and website. — with reports from Janvic Mateo.
- Latest
- Trending
