CNN Philippines is expected to shut down its operations after nine years of delivering world-class journalism, news website Media Newser Philippines reported on Thursday.
This decision comes after the termination of the licensing agreement between Nine Media Corp., the television company behind the news network, and CNN, due to substantial financial losses.
According to Media Newser, the financial strains are attributed to several factors, including a decrease in ad placements, declining ad revenue, and rising operating costs, making it challenging for the network to fulfill its licensing fee obligations.
With the shutdown, CNN’s employees and notable figures such as Pia Hontiveros, Pinky Webb, and Rico Hizon, have already been notified of the disheartening news. Reports indicate that they will receive separation pay and are now allowed to seek employment elsewhere.
CNN Philippines has yet to comment on these developments. However, reports suggest that they are currently deliberating the network’s future, considering the possibility of establishing its own online operations.
