CNN Philippines to shut down operations on January 31

Nine years after making a debut in the local broadcast industry, CNN Philippines has announced it's shutting operations, following years of mounting net losses surpassing P5 billion ($88.5 million). 

In an advisory shared on the broadcaster’s social and digital channels early Monday, the network said, "CNN Philippines will discontinue operations on all media platforms effective Wednesday, Jan. 31, 2024."

“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 9 years,” the advisory read.

BREAKING: CNN Philippines officially announces that it will stop news production operations starting today as a result of "serious financial losses" #NewsYouCanTrust pic.twitter.com/BxheRwkej0

— Tristan Nodalo (@TristanNodalo) January 29, 2024

300 employees will be directly impacted as a result of the shutdown, as the channel tried to compete with local media giants on free television.

Staff was officially informed via a general assembly held Monday morning. A memo from the management was circulated on January 26 (Friday) that requested all personnel to attend the meeting at 10 a.m. in the newsroom. It was signed by Nine Media Corporation’s president Benjamin Ramos. Staff close to the matter confirmed to Campaign that they expected Ramos to make the address to discuss the results of a management-level meeting held earlier this week.

“It is with a very heavy heart that we share the difficult news that Nine Media Corp.’s news production will stop its operations due to serious financial losses, made even worse by the pandemic,” Ramos told employees during its general meeting on Monday.

“It has been increasingly clear that we are unable to support operations,” he added.

Following years of pandemic-induced losses, according to records from the Securities and Exchange Commission, Nine Media posted a net loss of P239.72 million in 2022, up from P231.39 million in 2021.

The company’s capital deficiency amounted to P455.2 million and P226.2 million as of those dates, the record showed.

Ramos added that Nine Media management is committed to give a fair severance package to all its employees.

Following the announcement, CNN issued a statement to Campaign thanking their employees, contributors and everyone that worked for the organisation and added:

"CNN Philippines has been popular amongst audiences in the Philippines and a valued affiliate partner for CNN, winning many awards during this time.  CNN will continue to be available to all viewers in the Philippines as before—via CNN International on TV through Cignal, Sky Cable and distributed via Cable Boss, online at CNN.com and on social media platforms.  CNN remains committed to covering stories for and about the Philippines and continue to explore local content opportunities in the market.” 

CNN's journey in Philippines

CNN Philippines was officially launched in March 2015 after Turner signed a deal with Nine Media to launch the network in the Philippines in March 2015.

Nine Media is operated by a Filipino-based media company Nine Media Network. Radio Philippines Network (RPN) serves as the media’s main content provider in the country. Post the shutdown, RPN 9’s free TV frequency will revert to domestic government control.

Nine Media is a fully owned subsidiary of the ALC Group of Companies, established by the late ambassador Antonio Cabangon-Chua.

The Cabangon-Chua family is a prominent media player in the country. It owns other media companies such as RPN, Aliw Broadcasting Corporation, stations DWIZ and Home Radio 97.9, daily publication Business Mirror, tabloid Pilipino Mirror and magazine Philippine Graphic Weekly.

The brand licensing agreement for CNN Philippines was set to expire by the end of 2024. It was the fifth local franchisee of CNN in Asia following CNN Indonesia, CNN Türk, CNN Arabic and CNN-IBN in India. 

(The story has been updated with CNN's statement.)