CNN Philippines shuts down following 'significant' financial losses

CNN Philippines will be discontinuing its news and production operations on all media platforms from January 31, according to Nine Media Corporation (NMC). 

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, it said.

Nine Media said that it is aware of the impact of the closure on its employees and talents and assured staff and the public that all affected will be provided with severance packages.

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“Following the announcement by our partners at Nine Media Corporation to discontinue news and productions operations of CNN Philippines effective 31 January 2024, CNN offers our thanks to everyone who has worked at and contributed to CNN Philippines over the last decade," it said in a statement to MARKETING-INTERACTIVE. 

It added that CNN will continue to be available to all viewers in the Philippines as before - via CNN International on TV through Cignal, Sky Cable and distributed via Cable Boss, online at CNN.com and on social media platforms.

"CNN remains committed to covering stories for and about the Philippines and continue to explore local content opportunities in the market,” it said. 

CNN Philippines has been on air for nearly nine years now, 

According to CNN Philippines reporter Tristan Nodalo on social media platform X, president Benjamin Ramos thanked employees for delivering news that is fair, accurate and balanced. He reportedly told reporters that they had rightfully earned the trust of Filipinos. 

CNN Philippines is not the only publication to have succumbed to bankruptcy recently. In May last year, VICE Media filed for Chapter 11 bankruptcy. 

The announcement came shortly after the company shuttered VICE World News and cancelled VICE News Tonight, its flagship news television programme, which resulted in more than 100 layoffs across the newsroom at the time.

Weeks after the bankruptcy, Vice Media Group said that it was set to be acquired out of bankruptcy by three investment companies including Fortress Investment Group, Soros Fund Management and Monroe Capital for US$350 million. Now, Fortress Investment Group is reportedly in talks to sell Refinery29, it's lifestyle-focused site. 

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