CNN Philippines “Serious Financial Losses,” Reason for Shut Down

The Philippine media landscape, workers, and viewers alike mourned the closure of CNN Philippines. 

Photo from CNN Philippines

Whispers and Rumors of CNN Philippines’ closure were finally confirmed in a general assembly on the morning of January 29, 2024. CNN Philippines will stop its operations on January 31 on all platforms. 

This announcement was also publicized on its channel through a broadcast advisory and an official announcement.

The company said, “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.”

Photo from @cnnphilippines on X

The closure of the predominantly English-language TV Channel affects not only the Philippine media landscape but also the 300 employees, contractors, and suppliers. However, the company assured that “severance packages” are given.

In a TV Broadcast, CNN Philippines thanked their staff and employees, “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.”

Photo from CNN Philippines on Youtube

This media closure now leaves us with a question: can News and Journalism survive in the business arena?

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