BREAKING: CNN Philippines to shut down on 31 January
CNN Philippines is getting ready to go off the air amid the company's financial woes. After nine years of service, the media outlet will cease operating on 31 January, the company announced.
The stoppage in production affects all of the company's media platforms. Live programmes, however, are ending their broadcast as early as Monday.
The closure of CNN Philippines, which was officially announced in a general assembly, is the result of years of incurring financial losses, according to CNN Philippines President Benjamin Ramos.
BREAKING: CNN Philippines officially announces that it will stop news production operations starting today as a result of "serious financial losses" #NewsYouCanTrust pic.twitter.com/BxheRwkej0
— Tristan Nodalo (@TristanNodalo) January 29, 2024
In 2022, the company recorded net losses of 239.7 million Philippine pesos (US$4.2 million), and another 231.4 million Philippine pesos a year earlier.
"To our staff, we thank you for your commitment and dedication," CNN Philippines said. "To our partners, including CNN Worldwide/Turner Broadcasting Corp, we are grateful for your support."
In a LinkedIn post, Philippine media industry veteran Bryant Macale called the closure a "loss for Philippine journalism," especially in a time of misinformation and disinformation.