Employees at CNN Philippines on Thursday expressed fears that the company could soon close its doors, with some fearing they could also lose their jobs.
A CNN Philippines staffer confirmed that the company would hold a general meeting Monday, Jan. 29, without disclosing the agenda.
A memo from Nine Media Corp. , which owns and operates CNN Philippines, asked everyone to attend the assembly at 10 a. m. in the area of news operations. The memorandum, signed through the company’s president, Benjamin Ramos, is expected to address the effects of a control meeting held earlier this week.
Manila Standard reached out to the owners of Nine Media for comment, but had garnered a reaction at the time of publication.
Employees were concerned about “talks” within the company about renewing its licensing agreement with Turner Broadcasting System, which expires in December 2024.
CNN Philippines’ trademark licensing agreement is set to expire at the end of 2024, but there are rumors that it will soon finish airing.
There is no official company announcement on the issue, but this is expected to be addressed during the general assembly next week, according to employees.
CNN Philippines describes itself as the Philippines’ only predominantly English-language channel on free-to-air television as well as on cable and pay television. It is owned by Nine Media, a subsidiary of the ALC Group of Companies, established by the late Ambassador Antonio Cabangon-Chua.
The Cabangon-Chua family also owns other media companies such as RPN, Aliw Broadcasting Network, stations DWIZ and Home Radio 97.9, daily publication BusinessMirror, tabloid Pilipino Mirror and magazine Philippine Graphic Weekly. Their other businesses include Citystate Savings Bank, Fortune Life Insurance Co. Inc., Eternal Plans Inc., Citystate Properties and Management Corp. (CPMC), Isuzu GenCars Inc., as well as several hotels and resorts in Metro Manila and the provinces.
Nine Media signed an agreement with Turner Broadcasting System to launch CNN Philippines in March 2015.
Media Newser Philippines, an online site that tracks the broadcasting industry, was the first to report on the option for CNN Philippines to soon cease operations.