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CNN Philippines To Shutter; Cites Financial Losses
After nine years in business, CNN Philippines will discontinue its news and production operations on all media platforms effective January 31. The news organization, which is a franchise holder of …
After nine years in business, CNN Philippines will discontinue its news and production operations on all media platforms effective January 31. In a statement posted to its website, CNN Philippines said the decision to close follows “significant financial losses sustained over the past years, despite rigorous efforts to adapt and innovate in a rapidly evolving and challenging media landscape.” According to documents cited by ABS-CBN, a 2022 CNN Philippines financial statement noted, “In 2022, the anticipated business and economic recovery back to pre-COVID levels did not materialize.”
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