After nine years of operation, CNN Philippines might cease its operations in the country due to financial losses, as announced by its owner on Friday.
To provide context, CNN Philippines, a free-to-air television network operating under a license from Warner Bros. Discovery, was established on March 16, 2015, as a replacement for 9TV. CNN Philippines describes itself as the Philippines’ only predominantly English-language channel on free-to-air television as well as on cable and pay television. It is owned by Nine Media, a subsidiary of the ALC Group of Companies, established by the late Ambassador Antonio Cabangon-Chua.
Cabangon informed Manila Standard that the decision to close CNN Philippines was made last year, driven by financial losses. The company intends to shift its focus towards its own free TV venture, “Aliw TV.”
The official statement regarding the closure will be released by Nine Media President Benjamin Ramos following the general meeting scheduled for Monday.
While the brand licensing agreement for CNN Philippines is slated to expire at the end of 2024, recent rumors suggest that the network’s operations will conclude sooner than anticipated.
But according to GMANews,
In response to reports of CNN Philippines shutting down after nine years, Nine Media Corporation’s chairman confirmed on Friday that the termination of its licensing deal with CNN International is being postponed.
Chairman D. Edgard Cabangon explained to GMA News Online, “We delayed the closure/termination of the franchise [deal with] CNN International because of our commitment to our employees.”
Earlier on Thursday, it was revealed that CNN Philippines is winding down its operations as Nine Media and CNN mutually decided to discontinue their licensing agreement due to financial challenges.
In light of the circulating rumors regarding CNN Philippines’ closure, an internal memorandum was distributed to all personnel of the media company, mandating attendance at a General Assembly scheduled for Monday, January 29, 2024. The memorandum, however, did not specify the agenda for the assembly.