CNN Philippines, a news outlet that has been operating for nine years, has announced that it is ceasing its operations due to serious financial losses. The closure will officially take effect on January 31, 2024 [d40fa27c].
The decision to close CNN Philippines was made by the Nine Media Corporation (NMC), which owns and operates the news outlet. NMC reported a net loss of P239.72 million in 2022, higher than the P231.39 million loss in 2021. The closure will have an impact on the employees and talents of CNN Philippines, who will be provided with severance packages. NMC expressed gratitude to CNN Worldwide/Turner Broadcasting Corporation for their support and understanding, as well as to the loyal viewers [3f93da56].
Following the closure of CNN Philippines, Nine Media Corporation will focus on its free TV Aliw TV. The brand licensing agreement with Turner Broadcasting System Asia Pacific was expected to expire by the end of 2024 [d40fa27c].
The closure of CNN Philippines marks the end of its presence in the media landscape of the Philippines. The news outlet has been providing a platform for local and international news coverage, catering to a wide audience. The closure will undoubtedly have an impact on the media industry in the country and may lead to a shift in the media landscape. It remains to be seen how the closure of CNN Philippines will affect the availability and diversity of news sources in the Philippines [3f93da56].
The closure of CNN Philippines highlights the challenges faced by media organizations in the current digital age. Traditional media outlets are grappling with financial difficulties and the need to adapt to new technologies and business models. The closure of CNN Philippines serves as a reminder of the evolving media landscape and the importance for media organizations to innovate and find sustainable ways to deliver news to their audiences [3f93da56].
Meanwhile, CNN CEO Mark Thompson has released a mission statement acknowledging the erosion of cable news economics and calling for digital growth. Thompson's manifesto, which has been well-received, outlines his plan to restructure CNN around a multiplatform philosophy. He aims to move more resources into digital efforts and enlist the help of Alex MacCallum, CNN's digital product chief, to navigate the network's new digital mission. This plan is set to go into effect next quarter [54ac5f90].
Thompson's digital transformation plan for CNN reflects the challenges faced by traditional media outlets in the current media landscape. The days of renegotiating contracts every three years for high-seven or eight-figure anchor salaries are gone, and media organizations need to adapt to new technologies and business models to stay relevant. Thompson's focus on digital growth and the restructuring of CNN demonstrates the importance of innovation and finding sustainable ways to deliver news in the digital age [54ac5f90].
In addition to the closure of CNN Philippines and Thompson's digital transformation plan, CNN plans to cut about 100 jobs as part of a consolidation and digital focus strategy. The news outlet will merge its news-gathering and digital news teams, invest in video operations, and launch pay-per-view news products. CNN Worldwide CEO Mark Thompson aims to build a billion-dollar digital business. The company will launch a stand-alone subscription product for news and plans to create TV Future Lab to produce content for the Max streaming platform. Thompson also outlined changes to editorial workflows, including centralized planning and a new 'story manager' role. The plan will be discussed in a town hall meeting [ba5aa379].