CNN Philippines is set to go off the air after almost nine years of operation due to financial losses surpassing P5 billion. The decision to discontinue operations will affect approximately 300 employees and will be officially announced on Monday, according to a CNN Philippines official interviewed by Inquirer.
The choice to relinquish the CNN franchise was made last year and received approval from Nine Media Corp., owned and operated by the Cabangon family. However, the implementation was postponed until after the Christmas holiday season.
The CNN Philippines official remarked, “It’s very challenging. It’s a losing proposition, so why pursue it?”
Since its inception in 2015, CNN Philippines has utilized the RPN-9 frequency. With the impending shutdown, the frequency will return to government control.
“Our CNN Philippines president, Mr. Benjie Ramos, will make an official announcement this Monday,” the official added.
