NEWS
CNN Philippines shutters, Nine Media cites "significant financial losses"; multi-million $$ annual licence fee to WBD/CNN disappears
29 January 2024
CNN Philippines signs off on Wednesday this week following "significant financial losses sustained over the past years," Nine Media Corporation (NMC) said this morning.
Today's confirmation follows at least four days of speculation over the future of the news network, which started broadcasting in 2015.
About 300 people are said to be involved in the 31 January close, said to have been decided at a management meeting on 25 January.
The company has not confirmed the number of layoffs.
NMC said in a statement "rigorous efforts to adapt and innovate in a rapidly evolving and challenging media landscape" had failed.
The Manila-based media company licensed the CNN brand from CNN Worldwide/Turner Broadcasting Corporation.
In 2022, NMC's licence fee to Turner Broadcasting System was Ps139.3 million/US$2.5 million, up 29% from Ps108 million/US$1.9 million in 2021, according to Philippines' news platform, Rappler.
Turner has not disclosed details of its licensing agreement.
CNN International said only that NMC was closing CNN Philippines ahead of the end of its licensing term later this year, but that the international channel would be available via Cignal and Sky Cable and distributed via Cable Boss, online at CNN.com and via social media platforms.”
Sky Cable goes dark from 27 February 2024 as part of the US$123-million sale of Sky's broadband business to the PLDT. The deal was announced last year.
CNN Philippines incurred a net loss of Ps239.7 million/US$4.3 million in 2022 and Ps231.4 million/US$4.1 million in 2021, Rappler says.
This is in addition to capital deficiencies totalling Ps471.1 million/US$8.4 million over the same period.
Other CNN branded channels in Asia are CNN Indonesia and CNNTV18 in India. Both are owned and operated by our affiliate partners
Updates:
1. CNN International comment added 11:30am Tuesday 30 Jan 2024.
2. CNN additional branded channels updated at 3.29pm, Tuesday, 30 Jan 2024.
...
CNN Philippines signs off on Wednesday this week following "significant financial losses sustained over the past years," Nine Media Corporation (NMC) said this morning.
Today's confirmation follows at least four days of speculation over the future of the news network, which started broadcasting in 2015.
About 300 people are said to be involved in the 31 January close, said to have been decided at a management meeting on 25 January.
The company has not confirmed the number of layoffs.
NMC said in a statement "rigorous efforts to adapt and innovate in a rapidly evolving and challenging media landscape" had failed.
The Manila-based media company licensed the CNN brand from CNN Worldwide/Turner Broadcasting Corporation.
In 2022, NMC's licence fee to Turner Broadcasting System was Ps139.3 million/US$2.5 million, up 29% from Ps108 million/US$1.9 million in 2021, according to Philippines' news platform, Rappler.
Turner has not disclosed details of its licensing agreement.
CNN International said only that NMC was closing CNN Philippines ahead of the end of its licensing term later this year, but that the international channel would be available via Cignal and Sky Cable and distributed via Cable Boss, online at CNN.com and via social media platforms.”
Sky Cable goes dark from 27 February 2024 as part of the US$123-million sale of Sky's broadband business to the PLDT. The deal was announced last year.
CNN Philippines incurred a net loss of Ps239.7 million/US$4.3 million in 2022 and Ps231.4 million/US$4.1 million in 2021, Rappler says.
This is in addition to capital deficiencies totalling Ps471.1 million/US$8.4 million over the same period.
Other CNN branded channels in Asia are CNN Indonesia and CNNTV18 in India. Both are owned and operated by our affiliate partners
Updates:
1. CNN International comment added 11:30am Tuesday 30 Jan 2024.
2. CNN additional branded channels updated at 3.29pm, Tuesday, 30 Jan 2024.
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