Another era in journalism has ended. CNN Philippines will stop its operations effective January 31.
The journalism industry will soon lose its predominantly English-language news channel in free TV Philippines. CNN Philippines confirmed that it will pull the plug this month.
“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,” CNN announced via TV broadcast.
Employees have been briefed about the shutdown, induced by financial losses. Rappler reviewed the latest financial statements of Nine Media Corporation, the TV company with the rights to carry the CNN brand, and auditors casted doubt on the channel’s capacity to continue its business, based on SEC documents.
ABS-CBN reported that CNN disclosed a net loss ₱239.7 million in 2022 and ₱231.4 million in 2021. Nine Media obtained the rights to use the CNN brand in 2014 and renewed it for five years up to December 2024 but ended it early. The company had to pay Turner Broadcasting System ₱139.3 million for the license fees, up by 29% from ₱108 million in 2021.
CNN Philippines will stop operating on January 31, 2024, the saddest day of the year for the country’s journalism industry.