After being in the rumor mill for a while, Nine Media Corporation confirmed that they will shut down CNN Philippines after nine years. Among the reasons for the heartbreaking decision is that the media outfit is not doing well financially.
The plans to shut down CNN Philippines was in the works as early as last year–but GMA News reports that this was postponed “because of our love for our employees” as said by Nine Media Chairman Edgard Cabagnon. Multiple news outlets report that CNN Philippines’ financial losses ballooned to over Php 5 billion, which include the hefty licensing fees for the CNN branding.
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The “long-overdue” shutdown was planned ahead of the expiration of Nine Media’s licensing agreement for the CNN brand, which is set to expire in 2024. While everyone inside CNN Philippines was told that their last full show was last January 26, there are still questions as to what will happen to 300 employees–who are supposed to have a general meeting today (January 29).
Prior to the shut down rumors, it can be recalled that the YouTube account of CNN Philippines was banned for alleged copyright infringement. CNN Philippines did not explain what happened, but they were able to recover their YouTube account a few days later.
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Following this development, what will happen after CNN Philippines will shut down? The most possible scenario right now is that the former CNN Philippines will return to its RPN branding, which will be second time that they will return as an independent broadcaster. It remains to be seen if the government will take over, as the free TV frequency CNN Philippines uses is owned by the government.
The other scenario is that the ALC Group of Companies, who owns Nine Media, will focus on Aliw Channel 23, which they also own. Currently, Aliw Channel is used mostly for DWIZ radio programs, and it has plans to have its own programs after unveiling its new studio last June 20, 2023. Should they opt for the latter scenario, there’s a small chance that some of CNN Philippines’ staff may be transferred to Aliw Channel–but that all depends on what will happen during their general meeting today (January 26).
Regardless of what will happen to CNN Philippines’ staff following the shut down news, we hope everyone gets compensated properly–and that they can find better job opportunities.
