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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.

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.

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

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.

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.



 

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