CNN Philippines confirmed on Monday that it would be ceasing operations, effective Jan. 31. The free-to-air television network, which is owned by Nine Media Corporation and licenses the CNN brand name, said the closure resulted from financial issues it had accumulated over the years.
Up to 300 jobs will be lost, according to reports.
In a statement on the CNN Philippines website, Nine Media Corporation said, “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 added, “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.”
The network acknowledged its partnership with CNN, saying, “We would like to extend our profound gratitude to our partner, CNN Worldwide/Turner Broadcasting Corporation, for their support and understanding.”
CNN Philippines also issued a social media post announcing its closure, saying it was “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.”
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
In a statement to TVNewser, CNN said, “Following the announcement by our partners at Nine Media Corporation to discontinue news and productions operations of CNN Philippines effective 31 January 2024, CNN offers our thanks to everyone who has worked at and contributed to CNN Philippines over the last decade.
CNN Philippines has been popular amongst audiences in the Philippines and a valued affiliate partner for CNN, winning many awards during this time. CNN will continue to be available to all viewers in the Philippines as before – via CNN International on TV through Cignal, Sky Cable and distributed via Cable Boss, online at CNN.com, and on social media platforms. CNN remains committed to covering stories for and about the Philippines and continues to explore local content opportunities in the market.”
Founded in 2014, CNN Philippines was an English-language free-to-air channel that also ran 24 hours a day on cable and pay TV. Former CNN Worldwide president Jeff Zucker previously said that the channel “enables us to provide first-class news and information to millions of Filipinos in a way that we have not been able to previously.”