I think they paid for the license upfront? So the losses would've already been projected.
I do think Skull and Bones was the thing that has sunk the company. The game has been in production since 2014, based on AC: Black Flag, a game that, I need to remind myself, was originally programmed for the XBox 360/PS3 era. Outlaws and Shadows were the backup plan, the surefire hits. The games that look good on investor calls because you have a game based on SW name along with your most successful original IP. Now, Ubisoft isn't 100% to blame for Outlaws bombing because Disney's mismanagement has played a starring role into that franchise's demise, but Shadows is completely self-inflicted.