CNN Philippines signs off after nine years on air. This marks the end of an era for CNN in the Philippines as the news channel concludes its nine year run. However, its owner Nine Media Corp has confirmed that CNN Philippines will cease operations due to continued financial losses.
In an exclusive statement to Manila Standard, Nine Media Chairman D. Edgard Cabangon revealed those losses were the driving factor behind the decision to shut down CNN Philippines.
“That was planned last year due to losses,” Cabangon said. “We will concentrate more on our own free TV—Aliw TV.”
While the licensing agreement with CNN’s parent company Turner Broadcasting System doesn’t expire until the end of 2024, sources indicate the last broadcast may occur much sooner. Nine Media President Benjamin Ramos is expected to address staff and provide further details during an internal meeting on Monday.
This comes as a surprise to media observers given CNN Philippines’ prestige as the Philippines’ sole English-language news channel available on free-to-air television and cable. However, it seems the financial costs were too great to sustain even that unique value proposition.
Industry experts will be watching to see if Nine Media can leverage their remaining media properties like Aliw TV to fill the void left by CNN Philippines and continue serving the English-speaking and expatriate community in the country. But for now, Filipino news junkies will have to get their fix elsewhere after this weekend potentially marks the final newscast for CNN on Philippine soil.
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