CNN Philippines Ceases Operations After Nine Years Due to Financial Losses

After operating for almost ten years, CNN Philippines, a well-known news network in the Philippines, is scheduled to shut down. Launched in 2015, the network is entering a new chapter with this move, which was disclosed by Nine Media Corp.'s Cabangon Family.

Image: Screenshot from ANC 24/7 YouTube Channel

The decision to give up the CNN franchise was made last year, according to the Cabangon Family, who own and run Nine Media Corp. That being said, the implementation was postponed until the Christmas season. According to reports, the network aired its final live show on either January Last January 26 or on 29th of the same month this year, bringing a tragic tone to the conclusion of its broadcast history.

The main cause of the shutdown has been attributed to financial losses totaling over P5 billion. In recent reports, Reyes Tacandong and Co., the independent auditor in charge of assessing Nine Media's financial stability, brought attention to certain alarming statistics. To make matters worse financially, the corporation lost P231 million in 2021 alone. A dire image of the company's economic stability is further painted by the P465 million and P226 million capital deficits that were reported in 2022 and 2021, respectively.

CNN Philippines' downfall highlights the difficulties media businesses confront in the face of changing customer choices and a changing digital landscape. Even with its early potential and strong brand association with the well-known CNN network, Nine Media Corp. was unable to overcome its financial difficulties.

RPN 9 is being used by CNN Philippines. With this closure, RPN returns control to the Philippine government.

An important chapter in Philippine media history has come to an end with CNN Philippines' closing. It creates a vacuum in the media environment and highlights the necessity of resilience and adaptation in a field that is getting more and more competitive. Stakeholders consider CNN Philippines' contributions and the changing dynamics that will shape media in the Philippines and abroad as the show comes to an end.

Video: ANC 24/7 YouTube Channel

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