[[{“value”:”At the end of January, CNN Philippines will stop its news and production operations, citing” considerable financial losses.”
After nine years of operation, the news outlet will shut down its media platforms in the South Asian nation.
CNN Philippines will shut down as a result of economic losses, according to the report. pic. twitter.com/soumoC4Nmv
— January 29, 2024, The Calvin Coolidge Project (@TheCalvinCooli1 )
Reports from Deadline:
According to a brand and content licensing agreement with Turner Broadcasting System Asia Pacific, the news organization, which is owned by Nine Media Corp. and has franchises under the CNN International brand, started airing in 2015. It cited the closure as a result of years ‘ worth of financial problems.
CNN Philippines stated in a social media post that it was “forever appreciative of the stories we’ve shared, the audience we served, and to our dedicated team for their commitment to uphold the values of truth, accuracy, fairness ,and accountability.”
We thank you for your support, it continued, to our partners, Turner Broadcasting and CNN Worldwide.
turning the last page of the CNN Philippines newsroom’s narrative. Our dedicated team’s dedication to upholding the principles of truth, accuracy, fairness, and accountability is something we will always be thankful for, as is the audience we have served.
I appreciate the picture. twitter.com/nSq9LLfWqc
— January 29, 2024, CNN Philippines ( @cnnphilippines )
Before attending a public assembly on Monday, January 29, CNN Philippines employees hugged and took pictures inside the newsroom. This was the first time the company had been formally shut down.
CNN Philippines aired for nine years. via @jekkipascualpic twitter.com/D9ixYwvQnE
January 29, 2024, ABS-CBN News ( @ABSCBNNews )
originating from Barron’s:
The decision to stop news and production operations on all platforms was announced to staff on Monday.
Without going into specifics, CNN Philippines owner Nine Media Corporation stated that the decision came after major financial losses suffered over the previous years despite diligent efforts to adapt and innovate in a fast changing and difficult media landscape.
We assure all affected employees that they will receive severance packages because we are conscious of how this closure will affect our valued employees and talents.
About 300 employees will be affected by the closure, according to a staff member who spoke with AFP under the condition of anonymity.
At a time when misinformation and disinformation are pervasive, the closure, according to the National Union of Journalists of the Philippines, meant “one less source of credible information for the people.””}]] [[{“value”:”
CNN Philippines will cease its news and production operations by the end of January. The company cites’significant financial loss’ as the reason.
After nine years of operation, the news outlet will close its media platforms in Southeast Asia.
Report: CNN Philippines is closing down due to financial loss. pic.twitter.com/soumoC4Nmv
The Calvin Coolidge project (@TheCalvinCooli1), January 29, 2024
Deadline for submission of reports
The news organization is a franchise owner of the CNN International trademark and operated by Nine Media Corp. It began airing in 2015 under a deal for brand and content licensing with Turner Broadcasting System Asia Pacific. The closure was attributed to financial problems that had been ongoing for years.
In a post on social media, CNN Philippines expressed its gratitude for “the stories we’ve shared with our audience, as well as to our dedicated staff for their commitment to uphold values such truth, accuracy, justice, and accountability.”
It added: “To our partners including CNN Worldwide and Turner Broadcasting we thank you for supporting us.”
The final page in the story of the CNN Philippines Newsroom. We will always be grateful for the stories that we have shared, for the audience we have served, and for our dedicated team’s commitment to truth, accuracy and fairness.
Thank you for… pic.twitter.com/nSq9LLfWqc
CNN Philippines (@cnnphilippines), January 29, 2024
Employees of CNN Philippines took photos in the newsroom, hugged one another and attended a general meeting that announced the official closure of the company on Monday, January 29, 2019.
CNN Philippines has been on air for nine years. | via @jekkipascual pic.twitter.com/D9ixYwvQnE
ABS-CBN News @ABSCBNNews January 29, 2024
From Barron’s
The decision to close all news and production operations across all platforms was announced to the staff on Monday.
“The decision was made due to significant financial losses that were sustained over the last years, despite efforts to adapt and innovate within a rapidly changing and challenging media landscape,” CNN Philippines’ owner Nine Media Corporation stated, without giving details.
We are aware of the impact this closure will have on our valued employees. We assure that all affected staff members will receive severance packages.
A member of staff, who spoke on condition of anonymity to AFP, said that the closure would affect 300 employees.
The National Union of Journalists of the Philippines stated that the closure “means one less reliable source of information for the public in a time of disinformation and misinformation”.
“}]]
