CNN Philippines Magsasara Na – The media company reportedly is shutting down and employees will be compensated.
CNN Philippines Is Shutting Down – Report
What will happen to CNN Philippines?
A report claimed that the news outlet CNN Philippines is shutting down after nine years since it was established in the country.
CNN is one of the most popular and respected news agencies in the world. Nine years ago, the international media company had its branch in the Philippines. Just like the mother network, the one in the country also catered mostly to bringing news from the metropolis, as well as, from the provinces.
CNN Philippines had its first airing in March 2015. It was the first international franchise that catered to the local airwaves. Based on the report from Media Newser Philippines, the localized CNN station will not reach its 10th anniversary anymore.
Sources who spoke to Media Newser stated that Nine Media Corp. and CNN have mutually agreed that they will discontinue their licensing agreement. The apparent reason behind this decision is their “significant financial losses.”
Reportedly, the licensing deal is set to expire by the end of this year, and Nine Media Corp. is having a hard time coping with the licensing fee.
The lack ad placement also added to the financial problems that the media company is facing. With this challenges in finances, it was decided by Nine Media to best shut down the operation.
The report also stated that main news personalities like Pia Hontiveros, Pinky Webb and Rico Hizon were already informed about the company’s situation and that they were told to explore opportunities with other companies. It was also said that staffers and employers of CNN Philippines will receive separation pay.
Reportedly, Channel 9 will return to be RPN 9 for the time being. Recent changes happened to the network when it aired entertainment and sports program such as the noontime variety show E.A.T. and PBA Commissioner’s Cup Season 48.