CNN Philippines is shutting down its operations in the country after nine years amid losses, its owner said Friday.
D. Edgard Cabangon, chairman of ALC Group of Companies and Nine Media Corp., which owns and operates CNN Philippines, confirmed to Manila Standard in a text message that the operations of CNN Philippines would end soon.
“That was planned last year due to losses,” Cabangon said. “We will concentrate more on our own free TV—Aliw TV.”
The brand licensing agreement of CNN Philippines will expire by end of 2024, but there are rumors that its airing would end soon.
Cabangon said they would issue an official statement from Nine Media president Benjamin Ramos after the general meeting on Monday.
A CNN Philippines staffer earlier said the company would hold a general meeting on Jan. 29, without disclosing the agenda.
A memo from Nine Media requested all personnel to attend the meeting at 10 a.m. in the news operations area. The memo, signed by Ramos, is expected to address the results of a management-level meeting held earlier this week.
CNN Philippines describes itself as the Philippines’ only predominantly English-language channel on free-to-air television as well as on cable and pay television. It is owned by Nine Media, a subsidiary of the ALC Group of Companies, established by the late Ambassador Antonio Cabangon-Chua.
The Cabangon-Chua family also owns other media companies such as RPN, Aliw Broadcasting Network, stations DWIZ and Home Radio 97.9, daily publication BusinessMirror, tabloid Pilipino Mirror and magazine Philippine Graphic Weekly. Their other businesses include Citystate Savings Bank, Fortune Life Insurance Co. Inc., Eternal Plans Inc., Citystate Properties and Management Corp. (CPMC), Isuzu GenCars Inc., as well as several hotels and resorts in Metro Manila and the provinces.
Nine Media signed a deal with Turner Broadcasting System to launch CNN Philippines in March 2015.