As of January 31, CNN will no longer air in the Philippines after nine years of broadcasting.
“The decision follows significant financial losses sustained over the past years, despite rigorous efforts to adapt and innovate in a rapidly evolving and challenging media landscape,” CNN Philippines said in a statement.
The shut down news comes as cord cutting has slammed the media industry over the last three years. Companies have been struggling to adapt as viewers flock to streaming services. A weaker ad market as well as social media pulling back from sharing news coverage has shaken the foundation of the media business and led to mass layoffs.
CNN Philippines went on to thank its staff for “their commitment to uphold the values of truth, accuracy, fairness, and accountability.”
The organization also expressed its gratitude to its viewers, stakeholders, and CNN Worldwide — owned by Turner Broadcasting Corporation.
“Thank you for the privilege to tell the story of the Filipino,” CNN Philippines said in the post.
Image credit: CNN Philippines