All cancelling The Flash at that point would have done is had everyone fired sooner. That being said... the tax write off might have been the better choice financially.
No, the tax write off wouldn't have been the better choice financially. They'd have lost significantly more money. The only advantage would be sweeping it into merger accounting and not having to talk about it in quarterly financials. Granted these numbers don't look so bad they'll need to say much about it, it's not so bad it's gonna cause a huge write off.