CNN Philippines will halt its news and production operations at the end of January, citing ‘significant financial losses.’
The news outlet will shutter its media platforms in the Southeast Asian country after operating for nine years.
📰 Report: CNN Philippines will close down due to financial losses. pic.twitter.com/soumoC4Nmv
— The Calvin Coolidge Project (@TheCalvinCooli1) January 29, 2024
The news organization, which is a franchise holder of the CNN International brand and operated by Nine Media Corp, began airing under a brand and content licensing deal with Turner Broadcasting System Asia Pacific in 2015. It cited years of financial issues as the reason for the closure.
In a social media post, CNN Philippines said 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.”
It added, “To our partners, including CNN Worldwide, and Turner Broadcasting, we thank you for your support.”Advertisement
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
CNN Philippines' employees took photos inside the newsroom and hugged each other before attending a general assembly that officially announced the closure of the company this Monday, January 29.
— ABS-CBN News (@ABSCBNNews) January 29, 2024
Staff were told Monday of the decision to shut down news and production operations on all platforms.
“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,” CNN Philippines-owner Nine Media Corporation said, without providing details.
“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 closure will affect around 300 employees, a member of staff told AFP on the condition of anonymity.
The National Union of Journalists of the Philippines said the closure meant “one less source of reliable information for the public at a time when disinformation and misinformation are rampant”.