After nine years, CNN Philippines ends operations due to financial losses

Manila, Philippines - CNN Philippines, a prominent news channel network in the Philippines, is set to stop its operation after nearly a decade. The decision, announced by the Cabangon Family of Nine Media Corp., marks the end of an era for the network, which made its debut in 2015.

Image: cnnphilippines.com

Owners and operators of Nine Media Corp. disclosed that the decision to give up the CNN franchise was finalized last year. However, the implementation was delayed until the Christmas holiday season. Reports indicate that CNN's last live airing will be on the 29th of January, adding a sad note to the end of its broadcast legacy.

An estimated P5 billion in financial losses have been cited as the primary cause of the shutdown. The independent auditor in charge of assessing Nine Media's financial stability, Reyes Tacandong and Co., has released findings that include some alarming data. Adding to its financial challenges, the company lost P231 million in 2021 alone. Additionally, P465 million and P226 million in capital shortages were reported in 2022 and 2021, respectively, casting doubt on the company's capacity to maintain its financial stability.

The finalization of CNN Philippines underscores the problems faced by media companies amid evolving consumer preferences and a shifting digital landscape. Nevertheless its initial promise and strong brand affiliation with the renowned CNN network, the financial pressures proved hard to overcome for Nine Media Corp.

The closure of CNN Philippines marks the end of a significant chapter in Philippine media history. It leaves behind a void in the media landscape, signaling the need for adaptability and resilience in an increasingly competitive industry. As the curtains fall on CNN Philippines, stakeholders reflect on its contributions and the evolving dynamics shaping the future of media in the Philippines and beyond.

#CNNPhilippines

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📷 cnnphilippines.com