CNN Philippines shutting down as losses exceed P5B
MANILA —CNN Philippines is going off the air nearly nine years after debuting into the local broadcasting industry as its local franchise holder decided to pull the plug after accumulating financial losses exceeding P5 billion.
The shutdown of the television network —which will affect about 300 employees — will be formally announced on Monday, a CNN Philippines official said in an interview with Inquirer.
The decision to give up the CNN franchise had been made last year and approved by network owner and operator Nine Media Corp. of the Cabangon family, but the latter decided to defer implementation until after the Christmas holiday season.
The official noted, “It’s very challenging. It’s a losing proposition, so why pursue it?”
CNN Philippines has been using the RPN-9 frequency since its launch in 2015. With this shutdown, the frequency will revert to government control.
“This Monday, an official announcement will be made by our CNN Philippines president Mr. Benjie Ramos,” he said.