CNN Philippines will halt operations on Wednesday, January 31, 2024, reportedly due to significant financial losses throughout its nine-year span. According to GMA News Online, the only predominantly English-language multimedia platform on local free and paid television suffered losses amounting to 5 billion pesos ($88.5 million) since its 2015 debut.
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.
Thank you for… pic.twitter.com/nSq9LLfWqc
— CNN Philippines (@cnnphilippines) January 29, 2024
Undergoing a franchise-wide shutdown on Monday, January 29, 2023, its employees officially received word from upper management, vowing to provide “severance packages” to all its 300 employees and talents. CNN Philippines broke the news of the discontinuation to its staff and stakeholders prior to a public announcement, extending its gratitude for their unwavering support of the brand.
“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,” writes CNN Philippines.
“The decision follows significant financial losses sustained over the past year, despite rigorous efforts to adapt and innovate in a rapidly evolving and challenging media landscape…We are aware of the impact of this closure on our valued employees and talents, we assure all affected staff will be provided with severance packages,” adds Nine Media Corporation in a statement.
The broadcasting network’s parent company, Nine Media Corporation, posted net losses of ₱231.4 million in 2021, which increased to ₱239.7 million in 2022, bound for a contract renewal come the end of 2024.
