CNN Philippines and its financial troubles
Employees of CNN Philippines anxiously await the outcome of a management-level meeting held on Thursday, January 25 as rumors of a company shutdown circulate.
Full story: https://www.rappler.com/business/cnn-philippines-financial-troubles/
Full story: https://www.rappler.com/business/cnn-philippines-financial-troubles/
Transcript
00:00 Employees of CNN Philippines anxiously await the outcome of a management-level meeting
00:05 held on Thursday, January 25, as rumors of a company shutdown circulate.
00:10 A general assembly is scheduled on Monday, January 29.
00:14 The financial statement of Nine Media Corporation, the company owning the rights of the CNN brand,
00:19 shows that cash flow was completely dependent on advances from its parent company, JRLT
00:24 JHI Corporation.
00:26 Nine Media attributes a drop in revenues to the pandemic.
00:30 After the 2022 elections, advertising revenue did not immediately pick up, a trend also
00:35 observed in bigger media companies GMA and ABS-CBN.
00:39 CNN Philippines is home to some of the country's veteran journalists like Tia Antiveros, Pinky
00:43 Webb, and Rik Lizon.
00:46 Nine Media has around 300 employees.
00:49 The network is the only predominantly English-language channel on free TV in the Philippines.
00:53 (upbeat music)