Why Hillenburg's death ended the Inde. era of Canadian Majors?

when SpongeBob SquarePants creator Stephen Hillenburg died on November 26, 2020, four movie studios in Canada (Montréal Pictures, Mount Temple Pictures, Whitehorse Pictures, and now-small studio Vancouver Films) are all sold to Novus, Cable Axion, and Shaw and merged with TimeCanada.

after Sony/Marvel's Spider-Man: Into the Spider-Verse won Best Animated Feature at the Golden Globes. Montréal Pictures later Dominated the Canadian Box Office (Vancouver once Dominated it until bankruptcy in 2018).