00:00 CNN Philippines, the only predominantly English-language channel on free TV in the Philippines, shuts
00:08 down on Monday, January 29 amid the company's financial losses.
00:12 CNN Philippines says it will discontinue operations on all media platforms effective January 31,
00:18 thanking its staff, partners and viewers for their support, loyalty and trust.
00:23 It also vows to provide severance packages to all its 300 employees and talents.
00:28 Documents from the Securities and Exchange Commission reveal auditors doubted the ability
00:32 of Nine Media Corporation, the company which has the rights to carry the CNN brand, to
00:37 continue as a business.
00:38 Nine Media struck a deal with Turner Broadcasting in 2014 to use CNN-branded materials.
00:44 Financial documents show Nine Media had to pay Turner license fees amounting up to P139
00:50 million.
00:50 [Music]
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