Does that mean Bugs Bunny is now a Gay woman?
Sweetie, Bugs Bunny has been a drag queen since about the 1940s... it won't be a big change for him.
And may as well chime in on this, it was bound to happen, as
@Waffles said, they were bleeding money like a gutted cow, Or that's about the gist of it. This at least kind of keeps the franchises in-house under one parent studio.
Does it suck?
Yes, I abhor Netflix and how they majorly screw things over
(cough live-action Bebop cough) but at the end of the day, what can you do aside from unsubscribe to them? Hell, it would be the same story if Disney or any of the others bought them. To quote Chester Bennington
"In the end, it doesn't even matter" Yes, prices will jump due to them dumping that exorbitant amount of cash in the buyout, but look at it this way... you may get some new shows out of it, you might get that crossover you always wanted...
And your favorite series will probably be sunk worse than a submarine with a screen door.