Nine Media Corp., the operator of CNN Philippines (CNNPH), has announced the closure of the network on January 31.
The company said the decision to halt the operations of CNNPH follows significant financial losses it sustained over the past nine years, despite rigorous efforts to adapt and innovate in a rapidly evolving and challenging media landscape.
“It is with deep regret that the management of Nine Media Corp. announces the discontinuation of its news and production operations on all media platforms, branded as CNN Philippines, effective 31 January 2024,” the company said in a statement on Monday.
The closure marks the end of an era for a news organization that has been a significant part of the country’s media industry.
CNN Philippines, a collaboration between Nine Media Corp. and Turner Broadcasting Corp., has been a platform for comprehensive news coverage, serving its audience with dedication and integrity since 2015.
The company assured that all its employees and talents will be provided with severance packages.
“We express our deepest appreciation to our dedicated team for their unwavering commitment over the years that has elevated CNNPH as a trusted source of news and information in the Philippines,” it said.
“With the conclusion of CNNPH’s operations, we would like to extend our profound gratitude to our partner, CNN Worldwide/Turner Broadcasting Corp. for their support and understanding. To our loyal viewers, thank you for giving us purpose. We are honored to have served you.”
Nine Media is part of the ALC Group of Companies, which also owns the BusinessMirror.