The management of CNN Philippines officially announced on Monday (Jan. 29) that it would cease its operations effective Jan. 31 after struggling financially over the span of several years.

"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 network said in its official statement.

CNN Philippines Financially on the Red

In an advisory broadcast on its channel early Monday, CNN Philippines said that it would "discontinue operations on all media platforms effective Wednesday, Jan. 31, 2024," with the last day of live broadcast ending on Monday night, local time.

"To our staff, we thank you for your commitment and dedication," the network said. "To our partners, including CNN Worldwide/Turner Broadcasting Corp., we are grateful for your support."

CNN Philippines is the Manila bureau and franchise holder of the CNN International brand for almost nine years, and has been paying license fees annually to keep it afloat.

According to local media, the network disclosed in its recent financial statements that it incurred a net loss of PHP 239.7 million ($4.24 million) in 2022 and PHP 231.4 million (4.09) in 2021.

CNN Philippines reporter Tristan Nodalo wrote on X (formerly Twitter) that the network's president Benjamin Ramos announced that it would stop news production operations as a result of financial losses.

Ramos also thanked the network's staff for their work of "delivering news that [is] fair, accurate, and balanced."

Staff gathered at the network's offices on Monday to be formally informed of the announcement. Prior to the meeting, employees took photos inside the newsroom and other parts of CNN's studios for photo memorabilia.

Prior to the announcement, there were concerns from the National Union of Journalists in the Philippines (NUJP) that the network's media workers were the last to know about the decision, given that initial reports about the closure were made last Friday (Jan. 26).

However, it was revealed by an executive of the media firm that the shutdown was "long overdue," and Nine Media chairman D. Edgard Cabangon delayed the closure or termination of the franchise deal with Turner Broadcasting System Asia Pacific out of "love for [its] employees."

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