CNN Philippines is on the brink of shutting down nearly a decade after its debut in the local broadcasting industry.
The decision comes as the network’s local franchise holder decides to cease operations due to financial losses exceeding P5 billion.
An official statement, set to be announced on Monday, will confirm the cessation of the television network’s operations, impacting around 300 employees.
In an interview with Inquirer, a CNN Philippines official disclosed that the decision to surrender the CNN franchise had been made last year and was approved by Nine Media Corp., the network’s owner. However, the implementation was postponed until after the Christmas holiday season.
The CNN Philippines official explained, “It’s very challenging. It’s a losing proposition, so why pursue it?”
Since its launch in 2015, CNN Philippines has utilized the RPN-9 frequency. With the impending shutdown, the frequency will revert to government control.
The official mentioned, “This Monday, an official announcement will be made by our CNN Philippines president Mr. Benjie Ramos.”
CNN Philippines, introduced in 2015, quickly became a significant player in the local media landscape. As the 5th CNN franchise in Asia, it replaced 9TV on RPN’s frequencies and rose to become the leading English-language news channel in the Philippines by 2016. The network focused on providing a unique blend of international and in-depth Philippine news, primarily in English, drawing on CNN’s global expertise and Nine Media’s local insight.
