MANILA, Philippines – Nine Media Corporation (NMC) officially announced Monday that it was shutting down news and production operations on all media platforms, branded as CNN Philippines (CNNPH) effective January 31, 2024.
NMC said the decision was due to significant financial losses sustained over the past years, “despite rigorous efforts to adapt and innovate in a rapidly evolving and challenging media landscape.”
“Turning the final page of the CNN Philippines newsroom's story. 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,” it can be read in the caption of CNN Philippines Facebook post.
The last day of live airing, meanwhile, was set on Monday, January 29, 2024.
“To our staff, we thank you for your commitment and dedication,” CNN Philippines said.
“To our partners, including CNN Worldwide/Turner Broadcasting Corporation, we are grateful for your support,” it added.
It was reported that CNN Philippines faced problems and challenges when it comes to their financial stability.
In its recent financial statements, CNN disclosed that it incurred a net loss of Php 239.7 million in 2022 and Php 231.4 million in 2021.
Replacing 9TV, CNN Philippines was launched on March 16, 2015. It is the fifth local franchise of CNN in Asia, after CNN Indonesia, CNN Türk, CNN Arabic and CNN-IBN (now CNN-News18 in India).
— Noel Ed Richards, The Summit Express
NMC said the decision was due to significant financial losses sustained over the past years, “despite rigorous efforts to adapt and innovate in a rapidly evolving and challenging media landscape.”
“Turning the final page of the CNN Philippines newsroom's story. 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,” it can be read in the caption of CNN Philippines Facebook post.
The last day of live airing, meanwhile, was set on Monday, January 29, 2024.
“To our staff, we thank you for your commitment and dedication,” CNN Philippines said.
“To our partners, including CNN Worldwide/Turner Broadcasting Corporation, we are grateful for your support,” it added.
It was reported that CNN Philippines faced problems and challenges when it comes to their financial stability.
In its recent financial statements, CNN disclosed that it incurred a net loss of Php 239.7 million in 2022 and Php 231.4 million in 2021.
Replacing 9TV, CNN Philippines was launched on March 16, 2015. It is the fifth local franchise of CNN in Asia, after CNN Indonesia, CNN Türk, CNN Arabic and CNN-IBN (now CNN-News18 in India).
— Noel Ed Richards, The Summit Express
