media industry

CNN Philippines shuts down as losses mount

Ralf Rivas

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CNN Philippines shuts down as losses mount

CNN PHILIPPINES. The news channel announces on January 29, 2024, the shutdown of its operations.

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(2nd UPDATE) In a TV broadcast, CNN Philippines thanks its employees for their commitment and dedication

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MANILA, Philippines – CNN Philippines, the only predominantly English-language channel on free TV in the Philippines, shut down on Monday, January 29, amid the company’s financial losses.

Employees officially received the news in a general assembly held Monday morning.

In a statement, CNN Philippines said it will discontinue operations on all media platforms effective January 31.

“It is with deep regret that the management of Nine Media Corporation (NMC) announces the discontinuation of its news and production operations on all media platforms, branded as CNN Philippines (CNNPH), effective 31 January 2024. 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,” the company said.

It also vowed to provide “severance packages” to all its 300 employees and talents.

In a TV broadcast, CNN PH said: “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.”

Rappler earlier reviewed the latest financial statement of Nine Media Corporation, the TV company which has the rights to carry the CNN brand. Auditors cast doubt on its ability to continue as a business, according to documents from the Securities and Exchange Commission.

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CNN Philippines and its financial troubles

CNN Philippines and its financial troubles

Nine Media struck a deal with Turner Broadcasting System Asia Pacific in 2014 for the former to use CNN-branded materials. The five-year deal was renewed up to December 2024, but Nine Media opted to end it at an earlier date.

Financial documents show that license fees that Nine Media had to pay Turner Broadcasting System increased from P108 million in 2021 to P139.3 million, up by 29%. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.