Every passing day, news sources try to explain what Canal Nou closed.
The channel had a bulky payroll, high debt load and management tensions created by government corruption influences. Now an auditor has declared that Canal Nou lost 17.8 million more than the Valencian government said, putting total losses at 207.8 million for the year.
Accounts from the tax company Ernst & Young indicate that the channel's total annual revenues will not pay two months of payroll costs. Further, even though it is against the law, Canal Nou's director racked up 72,945 euros in expenses. The closing is cause to oust the president of the Valencian government, who the ERE ruling will help.