CNN Philippines to shut down after nine years on the air

The mainstream progressive American media continues to experience an unprecedented crisis. This Monday, CNN Philippines announced its would close down after nine years on the air, adding to the growing wave of layoffs. According to the American television network, they will make their final broadcast on Wednesday, Jan. 31, affecting nearly 300 jobs.

Poor economic performance led to CNN Philippines closure

CNN Philippines began broadcasting in 2015. As a result of a brand licensing agreement between Turner and Nine Media Network, the channel accumulated a significant audience in the Philippines. However, the ratings were insufficient to continue operations, as the network came to accumulate losses of more than $89 million, Variety reports.

The lack of profit is the main reason why the branch will be forced to close and lay off its 300 employees. However, the CEO of Nine Media Network, Benjamin Ramos, assured that he will try to provide a fair severance package for all those who will lose their jobs.

CNN issued a statement, reported by Deadline, in which it stated that it was disappointed that CNN Philippines had to close, though it also assured that the Filipino audience would continue to have access to the content from CNN International: