CNN Philippines is shutting down after 9 years of operations in a text message to Manila Standard, D. Edgard Cabangon, chairman of ALC Group of Companies and Nine Media Corp., the head of CNN Philippines confirmed that the operations of CNN Philippines would end soon.
To recap, CNN Philippines is a free-to-air television network under license from Warner Bros. Discovery. It originally replaced 9TV and was launched on March 16, 2015.
Cabagnon told Manila Standard that the closure of CNN Philippines was planned last year due to losses and they will concentrate more on its own free TV called "Aliw TV".
The official statement would be issued by Nine Media president Benjamin Ramos after the general meeting on Monday.
The brand licensing agreement of CNN Philippines will expire by the end of 2024. But, there were recent rumors that it would end soon.
To read the full report of Manila Standard, click here.
Update: According to the anonymous CNN Philippines who messaged us, they didn't know about these developments until just yesterday.
While a memorandum about a general assembly set for Monday was issued, no agenda was stated.
The management has also yet to give words on whether a massive layoff will be implemented, or if the employees will be able to keep their jobs. This, is despite the confirmation of the company's top executive on the shutdown rumors.
