Media Newser, an independent news website covering the Philippine TV news industry, reported today that CNN Philippines, which began airing locally in 2015, will "wind down its operations" due to "significant financial losses."

Citing its sources, Media Newser said Nine Media Corp., the company that operates CNN Philippines, and CNN "have mutually agreed not to continue with their licensing agreement due to significant financial losses."

The licensing agreement "is set to expire by the end of the year," but because of the local company's difficulty in "keeping up with the licensing fee," the "CNN branding concludes at the end of this month," according to Media Newser.