News channel CNN Philippines will stop broadcasting on Jan. 31 due to “significant financial losses,” its owner announced Monday, the latest blow to the media industry in the South Asian archipelago.
“The decision follows significant financial losses incurred in recent years despite intensive efforts to adapt and innovate in a challenging and rapidly changing media landscape,” Nine Media Corporation, owner of CNN Philippines, said in a statement, without providing details .
“We recognize the impact of this closure on our valued employees and talent and are ensuring that all affected employees receive severance packages,” she added.
This closure will affect around 300 employees, a member of management told AFP on condition of anonymity.
This American 24-hour news television series began broadcasting in 2015, primarily in English.
The National Union of Journalists of the Philippines said the closure meant “a less reliable source of information for the public at a time when disinformation and misinformation are pervasive.”
ABS-CBN, an industry giant that criticized Rodrigo Duterte during his presidential term (2016–2022), had to reduce its operations in 2020 after its advertising revenue declined due to the loss of its free-to-air broadcasting license.