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CNN Philippines announces shutdown amid 'serious financial losses'

By NICK GARCIA Published Jan 29, 2024 11:48 am

CNN Philippines on Jan. 29 announced that it’s shutting down operations due to “serious financial losses.”

The news organization shared a photo of its advisory on Facebook saying it will discontinue operations on all media platforms on Jan. 31.

CNN Philippines reporter Tristan Nodalo, on X, also quoted their president Benjamin Ramos as saying that they’re ceasing operations “as a result of serious financial losses.”

In its advisory, CNN Philippines noted how it’s been a “trusted source of news and information” and “accessible on free-to-air TV, cable, and digital platforms.”

“To our staff, we thank you for your commitment and dedication,” it said.

CNN Philippines also thanked its partners, including CNN Worldwide and Turner Broadcasting Corporation, as well as its viewers for their “loyalty” and “trust” over the past nine years.

“Turning the final page of the CNN Philippines newsroom's story,” the news organization wrote in the caption of its Facebook post. “We are 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.”

“Thank you for the privilege to tell the story of the Filipino,” it added, followed by its hashtag #NewsYouCanTrust.

Rumors of a shutdown began on Jan. 25, after Media Newser Philippines reported that CNN Philippines and its operator Nine Media Corporation have "mutually agreed not to continue with their licensing agreement due to significant financial losses."

There was reportedly a “decline in ad revenue and increased operating costs,” which posed as major contributing factors to the decision.

In its recent financial statements, CNN Philippines reported a net loss of P239.7 million in 2022 and P231.4 million in 2021.

CNN Philippines was launched in 2015 as a “predominantly English language free-to-air television.” Its last day of airing was on Jan. 29.

The government will have the network’s frequency following its shutdown.