After nine years of broadcasting, CNN will cease operations in the Philippines on January 31.

CNN Philippines released a statement saying, “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.”

The announcement of the shutdown coincides with the three-year decline in the media business due to cord cutting. As more and more people turn to streaming services, businesses are finding it difficult to adjust. The media industry has been rocked, resulting in widespread layoffs, by a declining ad market and social media withholding news coverage.

READ MORE: DIRECTV Informs Warner Bros. Discovery That CNN Max Stream May Breach Contract

CNN Philippines continued by expressing gratitude to its employees for “their dedication to upholding the values of truth, accuracy, justice, and accountability.”

READ MORE: Don Lemon Says He Has No Regrets About Being Fired From CNN: “I Am a Survivor”

Additionally, the organization thanked its stakeholders, viewers, and CNN Worldwide, which is a division of Turner Broadcasting Corporation.

CNN Philippines wrote in the post, “Thank you for the privilege to tell the story of the Filipino.”