CNN Philippines to cease operations, citing heavy financial losses
In a surprising announcement today, CNN Philippines revealed that it will be shutting down all its media platforms starting January 31, 2024. The news was shared on the company’s social media accounts, without specifying the reason for the closure.
“Turning the final page of the CNN Philippines newsroom’s story. We are forever grateful for the stories we’ve shared, the audience we’ve served, and to our dedicated team for their commitment to uphold the values of truth, accuracy, fairness, and accountability. Thank you for the privilege to tell the story of the Filipino,” CNN Philippines wrote.
The news came after reports earlier in the week suggested that the company was facing significant financial losses, leading to a decision to terminate its licensing agreement with Nine Media Corporation and CNN.
CNN Philippines, located in Mandaluyong City, first went on air on March 16, 2015, becoming CNN’s fifth local franchise in Asia. The decision to close its operations marks the end of an era for the news organization.
