CNN Philippines, the only predominantly English-language channel accessible on free TV in the Philippines, ceased operations on Monday (29 January) citing financial challenges.
Staff members were informed of the decision during a meeting on Monday morning, reports Rappler.
In a statement, CNN Philippines said it will discontinue operations on all media platforms effective 31 January.
“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.”
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%.