29-1-2024 (MANILA) CNN Philippines, a prominent news broadcaster in the Philippines, has announced that it will cease operations on January 31 due to significant financial losses. This decision deals a blow to the media industry in the Southeast Asian nation. Launched in 2015 as a CNN franchise, the network provided English-language news coverage through free-to-air, cable, and pay television platforms.
On Monday, January 29, staff members were informed of the decision to shut down all news and production operations across various platforms. Nine Media Corporation, the owner of CNN Philippines, cited sustained financial losses over the past years despite their efforts to adapt and innovate in the ever-changing and challenging media landscape. However, specific details regarding the financial situation were not disclosed.
The closure of CNN Philippines will have a significant impact on approximately 300 employees, according to a staff member who spoke on condition of anonymity. The National Union of Journalists of the Philippines expressed concern over the closure, emphasizing that it will result in the loss of a reliable source of information at a time when disinformation and misinformation are rampant.
This development follows the broadcasting giant ABS-CBN’s reduction of operations in 2020 due to the devastating impact of lost advertising revenues caused by the expiration of its free-to-air license. ABS-CBN, known for its critical coverage of former President Rodrigo Duterte, was compelled to downsize its operations.
