Footage shows staff at CNN Philippines in Manila on Monday reacting to the announcement the network was closing down amid mounting revenue losses.

Network bosses announced on January 29 that the channel was ceasing operations this week, leaving some 300 employees without jobs.

Executives at Nine Media Corporation, which operated the license from the U.S. firm, said the company had decided to give up the expensive CNN franchise amid losses amounting to more than 5 billion PHP (88.6 million USD).

The decision to pull the plug had been made in December 2023, but officials had deferred the announcement until after the holidays.

In a statement, Nine Media Corp. said: 'It is with deep regret that the management of Nine Media Corporation (NMC) announces the discontinuation of its news and production operations on all media platforms, branded as CNN Philippines (CNNPH), effective 31 January 2024.

'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.

'We are aware of the impact of this closure on our valued employees and talents, we assure all affected staff will be provided with severance packages.

'We express our deepest appreciation to our dedicated team for their unwavering commitment over the years that has elevated CNNPH as a trusted source of news and information in the Philippines.

'With the conclusion of CNNPH's operations, we would like to extend our profound gratitude to our partner, CNN Worldwide/Turner Broadcasting Corporation for their support and understanding.

'To our loyal viewers, thank you for giving us purpose. We are honored to have served you.'

CNN Philippines was a predominantly English-language channel airing on free and cable TV since 2015.

In 2020, broadcasting giant ABS-CBN also went off the airwaves after former president Rodrigo Duterte and his allies revoked the network's free-to-air license.