MOSCOW – CNN Philippines will cease operations on January 31 after nine years due to significant financial losses, the broadcaster announced today, reported Sputnik.
“It is with deep regret that the management of Nine Media Corporation (NMC) announces the discontinuation of its news and production operations on all media platforms, branded as CNN Philippines (CNNPH), effective January 31, 2024.
“The decision follows significant financial losses sustained over the past years, despite rigorous efforts to adapt and innovate in a rapidly evolving and challenging media landscape,” the broadcaster said in a statement.
The TV channel has lost over five billion Philippine pesos (US$88.8 million or RM420.4 million) in competition with other media giants on free television, the Inquirer newspaper reported.
CNN Philippines’ programmes first aired in March 2015 using the frequency of Nine Media Corp’s 9TV channel, which is owned by the ALC Group. – January 29, 2024