CNN Philippines, a franchise holder of the CNN International brand, is set to close its doors on Wednesday, January 31, impacting up to 300 jobs.
The decision to discontinue operations was officially announced by the company on social media, expressing gratitude to its staff, partners, and viewers over the past 9 years.
Launched in 2015 under a brand licensing agreement between Turner and Nine Media Network, CNN Philippines operated as a wholly-owned subsidiary of the ALC Group of Companies.
The late Ambassador Antonio Cabangon-Chua had initially launched the network.
CNN Philippines President Benjamin Ramos explained the closure, stating, “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.”
Ramos thanked the employees for their commitment to delivering fair, accurate, and balanced news, Variety reported.
The closure, set to affect 300 employees along with contractors and suppliers, comes as a surprise as the license agreement between Turner and Nine Media was not due to expire until the end of December.
Nine Media Corporation’s President, Ramos, assured that a fair severance package would be provided to all affected employees.
CNN Worldwide expressed its gratitude for the partnership, stating, “CNN Philippines has been popular amongst audiences in the Philippines and a valued affiliate partner for CNN, winning many awards during this time.”
However, it confirmed that CNN International would continue to be available to viewers in the Philippines through various platforms.
The closure of CNN Philippines raises concerns about media plurality in the Philippines, a country ranked as the 132nd most free in the world by Reporters Without Borders.
The Philippines has been a challenging environment for journalists, with instances of targeted attacks and harassment against media outlets critical of the government.
Financial difficulties played a significant role in CNN Philippines’ closure, with accumulated losses surpassing $89 million (PHP 5 billion), according to Variety.
The network struggled with rising costs, including production expenses, professional fees, airtime, satellite charges, and salaries.
Ad sales took a hit due to political advertising funds being diverted to digital channels, impacting traditional media revenues.
CNN Philippines assured its workers of support during the transition, emphasizing the commitment to helping them find new employment opportunities.
As the iconic red CNN logo turned black and white on social media, employees and viewers alike mourned the end of a nine-year chapter in the network’s history.
The Daily Netizen 