CNN shutters branch that lost "more than $89 million" - up to 300 jobs will be lost

CNN's problems seem to be getting worse and it's not just in America. CNN Philippines is going to close down and about 300 jobs will be lost because of this.  They launched in 2015 and they're closing already, which is clearly not good. News reports on Variety say they "accumulated losses of more than $89 million" in the process. The license agreement with Turner and Nine Media was set to expire in December, but they're closing this week according to the news report on Variety. Their report further said:

CNN Philippines was launched in 2015 under a brand licensing agreement between Turner and Nine Media Network, a Philippines company that is a wholly-owned subsidiary of the ALC Group of Companies previously launched by the late Ambassador Antonio Cabangon-Chua.

“CNN Philippines will discontinue operations on all media platforms effective Wednesday, Jan 31, 2044,” the company said in a posting on social media. “A trusted source of news and information CNN Philippines is accessible on free-to-air TV, cable and digital platforms. To our staff, we thank you for your commitment and dedication. To our partners, including CNN Worldwide / Turner Broadcasting Corporation, we are grateful for your support. And to our viewers, our sincerest gratitude for your loyalty and trust over the past 9 years.”

Employees are expected to receive severance packages.