CNN Philippines to Close Down, With 300 Job Losses

[Y2kTheNewOldies]

CNN Philippines to Close Down, With 300 Job Losses

CNN Philippines is to close down this week after years of losses, the company announced.

variety.com

CNN Philippines shuts down as losses mount

(2nd UPDATE) In a TV broadcast, CNN Philippines thanks its employees for their commitment and dedication

www.rappler.com

FAST FACTS: The media industry's struggles amid CNN Philippines' closure

Here’s a quick look at the media landscape, and a few familiar reasons on why the industry’s struggling

www.rappler.com

CNN to close down their affiliate in the Philippines.

CNN Philippines on Monday, January 29, officially shut down, with losses exceeding P5 billion since operations began in 2015. An estimated 300 employees were affected.

The closure is a grim reminder of the current state of the media industry, especially legacy media, which for many years now has attempted to find solutions to become sustainable in the internet age, to little or no avail. With Sky Cable signing off on February 26 as well, the news network ANC’s fate also hangs in the balance.

US media hasn’t fared well too in January, with outlets such as the LA Times, TIME, and Business Insider slashing jobs, with more expected from others.

 

[inari]

A loss of 5 billion pesos is roughly $100 million US dollars, a big amount of money in the US, a gigantic amount of money in the Philippines where many workers make less $400/month.