CNN Philippines To Shutter; Cites Financial Losses

After nine years in business, CNN Philippines will discontinue its news and production operations on all media platforms effective January 31. 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.”

In a statement posted to its website, CNN Philippines said the decision to close follows “significant financial losses sustained over the past years, despite rigorous efforts to adapt and innovate in a rapidly evolving and challenging media landscape.”

According to documents cited by ABS-CBN, a 2022 CNN Philippines financial statement noted, “In 2022, the anticipated business and economic recovery back to pre-COVID levels did not materialize.”

The company today assured all affected staff “will be provided with severance packages.”

“To our loyal viewers,” it added, “thank you for giving us purpose. We are honored to have served you.”

Jonathan De Santos, Chairman of the National Union of Journalists of the Philippines, lamented the news on X: