Financial Losses Cause CNN Philippines to Shut Down

Starring in the latest episode of go woke, go broke: CNN Philippines.

The Asia-based free-to-air network announced it will close its doors after almost nine years of broadcasting.

CNN Philippines Shuts Down Operations Following Heavy Financial Losses via @gatewaypundit https://t.co/7cvOVZlMGk

— The Gateway Pundit (@gatewaypundit) January 27, 2024

Many are predicting 2024 to be another tumultuous year for legacy media organizations.

CNN is merely the latest media organization to experience blow-back from projecting messages they agree with to their viewership.

For some time now, CNN has harbored a negative reputation for what many consider biased reporting practices.

Main stream media in general has lost the credibility it once possessed.

The news that a CNN franchise is closing its doors was unsurprisingly met with applause online.

MSM is imploding and it’s a glorious sight!!!!!

— Throttle_This (@Throttle_This) January 27, 2024

pic.twitter.com/m5wGEx08LA

— DoubleJ (@DoubleJBranum) January 27, 2024

👍👍👍👍👍

— LibertyRobUSA (@LibertyRobUS) January 27, 2024

Some thought this might signal the beginning of the end for MSM.

Nice, dominoes.. main steam media will be a thing of the past if we stay the course

— Audit The States 🇺🇲 📜 🦅 (@Audit_TheStates) January 27, 2024

MSM will eventually be something like the past… Can hardly wait for the world to use 'X' to get all their news.

— Kathy Brock NP (@KathyBrockDavis) January 27, 2024

While this event doesn’t necessarily signal the end of MSM, its future certainly isn’t looking bright right now.

The Gateway Pundit has more on this story:

CNN Philippines was launched in 2015 by Turner Broadcasting System Asia Pacific and Nine Media Corp. It’s owned and operated by Nine Media Corporation and is licensed from Warner Bros. Discovery.

The network, which has been operating at a financial deficit, resulting in losses exceeding almost $90 million, will be making a formal announcement this coming Monday, according to an official from CNN Philippines.

ADVERTISEMENT

The closure will impact approximately 300 employees of the network. It is understood that the decision to relinquish the CNN franchise was reached last year, with the approval of Nine Media Corp., but the implementation was postponed until post-Christmas to reduce the impact on employees during the festive season.

While the licensing agreement for the CNN brand in the Philippines is set to expire at the end of 2024, speculation has emerged about an earlier termination of broadcasts.