CNN Philippines yesterday announced its broadcast operation is set to shut down effective Wednesday, January 31, due to financial losses in the past years.
Meanwhile, ABS-CBN Corp. unit Sky Cable Corp. is shutting down its cable television operation effective February 27, in compliance with approval of its over P6.75-billion deal with PLDT Inc.
CNN Philippines issued an advisory after the company held a general meeting yesterday, officially informing around 300 employees of the shutdown.
CNN Philippines started its broadcast in March 2015 initially through a five-year brand and content deal between Nine Media Corp. of the Cabangon Group with CNN International. The contract was renewed for another five years.
According to a report, CNN Philippines’ losses have ballooned to P5 billion.
Meanwhile ,as part of the sale of Sky Cable broadband business and related assets to PLDT, the former will transition into a dedicated internet service provider.
“Sky started informing its cable TV subscribers that its cable TV operations, subject to other conditions, will have their final broadcast and sign-off on Feb. 26, 2024, at 11:59 pm and shall be discontinued effective Feb. 27, 2024,” ABS-CBN said in a disclosure to the Philippine Stock Exchange.
The Philippine Competition Commission recently cleared the sale of broadband business and related assets of Sky to PLDT via the sale of 100 percent of Sky’s total issued and outstanding capital stock.
