SEVERAL national media outlets reported Friday, Jan. 26, 2024 that CNN Philippines is shutting down after nine years due to mounting losses.
CNN Philippines is operated by Nine Media Corp., whose chairman, D. Edgard Cabangon, was quoted in the reports as confirming the news.
According to the reports, Nine Media has a brand and content license deal with Turner Broadcasting System Asia Pacific for CNN brand programming.
However, amid conflicting reports on whether Nine Media is delaying the termination of its licensing deal with CNN International, Cabangon is said to have advised media to wait for an official statement from the company’s president, Benjamin Ramos, on the fate of CNN Philippines on Monday, Jan. 29, 2024 after the company’s general meeting.
The reports quote Nine Media’s independent auditor for 2021 and 2022, Reyes Tacandong & Co., as saying that net losses in those two years combined had approached P480 million.
The auditor’s report also reportedly said that after the Covid-19 pandemic, the anticipated recovery of the finances of Nine Media did not materialize despite better revenues amid the 2022 elections, as costs, including licensing fees to carry the CNN brand, also rose.
Its Linkedin account indicates that CNN Philippines has anywhere from 200 to 500 employees.
CNN Philippines is a free-to-air television network operated by Nine Media, together with Radio Philippines Network (RPN).
Other local franchises of CNN in Asia are CNN Indonesia, CNN Türk, CNN Arabic and CNN-News18 in India.