CNN Philippines has announced on Monday, January 29, that it is ceasing its operations following “serious financial losses.”
In tweets published by CNN Philippines reporter Tristan Nodalo, President Benjamin Ramos officially shared the news with employees in a general assembly. “It is with heavy heart that we share the difficult news that we will stop news production operations as a result of serious financial losses,” he was quoted saying. “We thank you for delivering news that are fair, accurate and balanced. You have rightfully earned the trust of Filipinos and we sincerely thank all of you for that.”
The media outfit then released a statement confirming its closure by January 31.
“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.
We are aware of the impact of this closure on our valued employees and talents, we assure all affected staff will be provided with severance packages.
We express our deepest appreciation to our dedicated team for their unwavering commitment over the years that has elevated CNNPH as a trusted source of news and information in the Philippines.
With the conclusion of CNNPH’s operations, we would like to extend our profound gratitude to our partner, CNN Worldwide/Turner Broadcasting Corporation for their support and understanding.
To our loyal viewers, thank you for giving us purpose. We are honored to have served you.
Again, we would like to extend our heartfelt appreciation and gratitude to our employees, partners, and stakeholders. Thank you for the trust.”
View this post on Instagram
In a report by Manila Standard, D. Edgard Cabangon, who is the chairman of ALC Group of Companies and Nine Media Corporation which owns and operates CNN Philippines, confirmed that they will concentrate on their own free TV Aliw TV following the closure.
It was back in March 2015 when Nine Media Corporation signed a deal with Turner Broadcasting System Asia Pacific to use CNN-branded materials locally. It was a five-year brand licensing agreement that was renewed once and was expected to expire by the end of 2024.
What are your thoughts on this news? Share them in the comments below.
Do you have a story for the WhenInManila.com Team? Email us at story.wheninmanila@gmail.com or send us a direct message on WhenInManila.com Facebook Page. Interact with the team and join the WhenInManila.com Community at WIM Squad! We also share our stories on Viber, join us!
