'Significant' Financial Loss Forces CNN to Shut Down Philippines Branch After 9 Years
CNN’s financial woes seemingly extend well beyond just America.
Variety reported that the broadcasting network will shut its operations in the Philippines on Wednesday after “accumulat[ing] losses of more than $89 million” in recent years.
CNN Philippines was launched in 2015 as part of a brand licensing agreement between Turner and Nine Media Network, although the company has failed to become profitable since its formation.
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? Free TV ch. 9, Cignal ch. 10, Sky Cable ch. 14 pic.twitter.com/qD1ZNVQiSz— CNN Philippines (@cnnphilippines) January 28, 2024
“CNN Philippines will discontinue operations on all media platforms effective Wednesday, Jan 31, 2024,” the company wrote on social media.
“A trusted source of news and information CNN Philippines is accessible on free-to-air TV, cable and digital platforms. To our staff, we thank you for your commitment and dedication.
“To our partners, including CNN Worldwide / Turner Broadcasting Corporation, we are grateful for your support. And to our viewers, our sincerest gratitude for your loyalty and trust over the past 9 years.”
Turning the final page of the CNN Philippines newsroom’s story. We are forever grateful for the stories we’ve shared, the audience we’ve served, and to our dedicated team for their commitment to uphold the values of truth, accuracy, fairness, and accountability.
Thank you for… pic.twitter.com/nSq9LLfWqc
— CNN Philippines (@cnnphilippines) January 29, 2024
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The network added that it had been a privilege to “tell the story of the Filipino.”
“Turning the final page of the CNN Philippines newsroom’s story. We are forever grateful for the stories we’ve shared, the audience we’ve served, and to our dedicated team for their commitment to uphold the values of truth, accuracy, fairness, and accountability.”
According to ABS-CBN, the company sustained “significant financial losses sustained over the past years” and around 300 jobs will be lost as a result.
“We are aware of the impact of this closure on our valued employees and talents, we assure all affected staff will be provided with severance packages,” the company statement added.
Last year, the Financial Times reported that although CNN as a whole remained profitable, its revenue had fallen significantly since the 2020 presidential election.
“CNN’s annual revenues doubled to $2 billion in the decade [leading] to the 2020 U.S. election, and it made roughly $1 billion in profits every year of the Trump presidency,” the paper noted.
“That tide has turned, with revenues falling below $1.8 billion. With annual profits still a reported $750 million last year, the business is not falling off a cliff but, as Warner Bros’ Wile E Coyote could tell you, gravity exerts itself eventually.”
This article appeared originally on The Western Journal.
