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CNN Philippines announces shutdown amid financial woes

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Jessica Fenol and Jekki Pascual, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="CNN Philippines/Facebook " src="https://sa.kapamilya.com/absnews/abscbnnews/media/2024/news/01/29/cnn.jpg"/><figcaption><em>CNN Philippines/Facebook </em></figcaption></figure></div><p>MANILA — The bright red logo of the CNN brand turned black and white on social media as workers and viewers mourned the closure of its Philippine brand partner after only 9 years. </p><p>CNN Philippines, operated by Nine Media Corp, on Monday officially announced that it was shutting down operations on all platforms following several years of incurring net losses. </p><p>CNN Philippines made the announcement public on its channel through a broadcast advisory, followed by an official statement. </p><p>&quot;It is with deep regret that the management of Nine Media Corporation (NMC) announces the discontinuation of its news and production operations on all media platforms, branded as CNN Philippines (CNNPH), effective 31 January 2024,&quot; it said. </p><p>CNN Philippines President Benjamin Ramos said the company would stop news production operations as a result of financial losses.</p><p>&quot;The decision follows significant financial losses sustained over the past years, despite rigorous efforts to adapt and innovate in a rapidly evolving and challenging media landscape, the statement said.</p><p>Ramos also thanked the employees for delivering fair, accurate, and balanced news.</p><p>A general assembly was held Monday to officially announce the closure. What was supposed to be business as usual for hundreds of media practitioners, turned out to be a chance to bid farewell to their colleagues. </p><p>Prior to the meeting, employees took photos inside the CNN Newsroom and in front of the huge CNN Philippines logo in the lobby.</p><blockquote class="instagram-media" data-instgrm-permalink="https://www.instagram.com/p/C2q3sCgPKeO/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14" style="background:#FFF;border:0;border-radius:3px;box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15);margin:1px;max-width:540px;min-width:326px;padding:0;width:calc(100% - 2px)"><div style="padding:16px"><div style="display:flex;flex-direction:row;align-items:center"><div style="background-color:#F4F4F4;border-radius:50%;flex-grow:0;height:40px;margin-right:14px;width:40px"> </div><div style="display:flex;flex-direction:column;flex-grow:1;justify-content:center"><div style="background-color:#F4F4F4;border-radius:4px;flex-grow:0;height:14px;margin-bottom:6px;width:100px"> </div><div style="background-color:#F4F4F4;border-radius:4px;flex-grow:0;height:14px;width:60px"> </div></div></div><div style="padding:19% 0"> </div><div style="display:block;height:50px;margin:0 auto 12px;width:50px"><a href="https://www.instagram.com/p/C2q3sCgPKeO/?utm_source=ig_embed&amp;utm_campaign=loading" style="background:#FFFFFF;line-height:0;padding:0 0;text-align:center;text-decoration:none;width:100%" target="_blank"><svg height="50px" version="1.1" viewBox="0 0 60 60" width="50px" xmlns="https://www.w3.org/2000/svg" xmlns:xlink="https://www.w3.org/1999/xlink"><g fill="none" fill-rule="evenodd" stroke="none" stroke-width="1"><g fill="#000000" transform="translate(-511.000000, -20.000000)"><g><path d="M556.869,30.41 C554.814,30.41 553.148,32.076 553.148,34.131 C553.148,36.186 554.814,37.852 556.869,37.852 C558.924,37.852 560.59,36.186 560.59,34.131 C560.59,32.076 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style="padding:12.5% 0"> </div><div style="display:flex;flex-direction:row;margin-bottom:14px;align-items:center"><div><div style="background-color:#F4F4F4;border-radius:50%;height:12.5px;width:12.5px;transform:translateX(0px) translateY(7px)"> </div><div style="background-color:#F4F4F4;height:12.5px;transform:rotate(-45deg) translateX(3px) translateY(1px);width:12.5px;flex-grow:0;margin-right:14px;margin-left:2px"> </div><div style="background-color:#F4F4F4;border-radius:50%;height:12.5px;width:12.5px;transform:translateX(9px) translateY(-18px)"> </div></div><div style="margin-left:8px"><div style="background-color:#F4F4F4;border-radius:50%;flex-grow:0;height:20px;width:20px"> </div><div style="width:0;height:0;border-top:2px solid transparent;border-left:6px solid #f4f4f4;border-bottom:2px solid transparent;transform:translateX(16px) translateY(-4px) rotate(30deg)"> </div></div><div style="margin-left:auto"><div style="width:0px;border-top:8px solid #F4F4F4;border-right:8px solid transparent;transform:translateY(16px)"> </div><div style="background-color:#F4F4F4;flex-grow:0;height:12px;width:16px;transform:translateY(-4px)"> </div><div style="width:0;height:0;border-top:8px solid #F4F4F4;border-left:8px solid transparent;transform:translateY(-4px) translateX(8px)"> </div></div></div><div style="display:flex;flex-direction:column;flex-grow:1;justify-content:center;margin-bottom:24px"><div style="background-color:#F4F4F4;border-radius:4px;flex-grow:0;height:14px;margin-bottom:6px;width:224px"> </div><div style="background-color:#F4F4F4;border-radius:4px;flex-grow:0;height:14px;width:144px"> </div></div><div style="color:#c9c8cd;font-family:Arial,sans-serif;font-size:14px;line-height:17px;margin-bottom:0;margin-top:8px;overflow:hidden;padding:8px 0 7px;text-align:center;text-overflow:ellipsis;white-space:nowrap"><a href="https://www.instagram.com/p/C2q3sCgPKeO/?utm_source=ig_embed&amp;utm_campaign=loading" style="color:#c9c8cd;font-family:Arial,sans-serif;font-size:14px;font-style:normal;font-weight:normal;line-height:17px;text-decoration:none" target="_blank">A post shared by Pinky Webb (@pinkywebb)</a></div></div></blockquote><div><script async="" src="https://www.instagram.com/embed.js" type="text/javascript"></script></div><div><strong>FINANCIAL WOES</strong></div><p>In its recent financial statements, CNN disclosed that it incurred a net loss of P239.7 million in 2022 and P231.4 million in 2021. The media company also had capital deficiencies of P465.2 million in 2022 and P226.2 million in 2021.</p><p>&quot;In 2022, the anticipated business and economic recovery back to pre-COVID levels did not materialize,&quot; read CNN Philippines&#x27; financial statement in 2022.</p><p>From 2020 to 2022, Nine Media struggled with costs greater than its revenues. Revenues grew by 4.6 percent from P389.3 million in 2021 to P407.3 million in 2022. But revenues failed to outweigh the rising costs.</p><p>&quot;The national elections held in May 2022, and the campaign period leading to, while contributing to some increase in spending behavior of people, did not significantly impact on the traditional advertising revenues,&quot; it added.</p><p>Other costs include production expenses, professional fees, airtime, satellite charges and salaries, among others. CNN Philippines is a franchise holder of the CNN International brand and pays license fees annually.</p><p>In 2022, it attributed the gloomy ad sales to politicians putting political advertising funds into digital channels, such as social media influencers, vloggers and content producers instead of traditional media. It also cited higher production and operating costs that held back businesses and agencies in the previous years.</p><p>Auditor Reyes Tacandong &amp; Co, who prepared the financial statements, noted that the conditions &quot;indicate that a material uncertainty exists that may cast significant doubt about the Company&#x27;s ability to continue as a going concern.&quot;</p><p>Insiders say that CNN Philippines assured its workers that it would extend all possible support during the transition as they seek new employment opportunities. </p><div><strong>- With reports from ABS-CBN Investigative and Research Group</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2942883" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

CNN Philippines on Monday officially announced that it was shutting down operations following several years of incurring net losses. 

CNN Philippines announces shutdown amid financial woes

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CNN Philippines announces shutdown amid financial woes

Jessica Fenol and Jekki Pascual,

ABS-CBN News

Published January 29, 2024 10:39 AM PHT

|

Updated January 29, 2024 04:31 PM PHT

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