CNN Philippines is ceasing its operations, according to reports.
In a text message sent to Manila Standard, D. Edgard Cabangon, chairman of Nine Media Corp. which operates CNN Philippines, confirmed the news of the network's upcoming shutdown. He noted that the company will focus on its free TV.
“That was planned last year due to losses,” Cabangon said. “We will concentrate more on our own free TV—Aliw TV.”
The CNN licensing agreement with Nine Media ends this year, but there are rumors that the network won't be renewing its contract due to financial difficulties.
Moreover, CNN Philippines employees were asked to attend a General Assembly on Monday, January 29, 2024.
The memo, signed by CNN President Benjamin Ramos, has no agenda indicated.
An official statement will be issued after the said general meeting, Cabangon said.
He also told PhilSTAR L!fe that they "delayed the termination of [the] contract due to our deep concern/love to all our employees."
Rumors of a shutdown began circulating on Thursday, Jan. 25, after Media Newser Philippines reported that Nine Media Corp. and CNN have "mutually agreed not to continue with their licensing agreement due to significant financial losses."
It added that the "decline in ad revenue and increased operating costs" posed as major contributing factors to the decision.
CNN Philippines is a “predominantly English language free-to-air television” that was launched in 2015 by Turner Broadcasting System Asia Pacific and Nine Media Corp.