CNN Philippines is closing down after suffering a financial loss of P5 billion.
The Inquirer reported on Sunday that Nine Media Corp., the company that runs CNN Philippines, has been struggling to sustain its operations, as it faced high costs and low revenues.
CNN Philippines has been on air for almost nine years, providing news and current affairs programs to Filipino viewers. It launched in March 2015 and has been using RPN 9’s free TV frequency.
According to a top CNN Philippines official who spoke to the Inquirer, the network has been paying around P55 million to P60 million a year for the CNN franchise fees. However, it could not generate enough advertising income to cover these expenses, especially as more viewers shifted to online platforms.
The closure of CNN Philippines is a blow to the media industry, which has already been hit by the pandemic and the shutdown of ABS-CBN in 2020. It also raises questions about the future of news and information in the country, as more Filipinos rely on social media and online platforms for their sources.
CNN Philippines has not yet issued an official statement on its closure, nor has it announced when its last broadcast will be.