"Is this the real explanation or was it low viewership / subscriptions?"
Oh it's 100% low viewership & subscriptions. If it was making money you don't just slam the money spigot shut without a plan. You tell people you're going to do your merge or whatever and you do a cutover without interruption.
When businesses say "We did X because of Y", my suggestion is simply straight-up ignore the claimed reason. Or, slightly more sophisticated, that statement should be read as "We did X and we'd like you to act as if the reason is Y". It should be read as only weak support for Y being a reason at all, let alone the primary reason. Politician's statements should be read the same way, for that matter.
If you pay attention to these sorts of statements it isn't hard to start noticing a number of statements where X and Y actively contradict each other. A common one is where Y is "for your convenience", e.g., "We've fired all our human support staff and replaced them with a deep, impenetrable phone tree that doesn't even cover the top 3 reasons people called our support staff, for your convenience".