The newly-reformed Warner (et al.) is trying to push fledgling streaming services such as Paramount+ and to make CW more attractive to potential buyers. Screwing Netflix is good for them and canceling the shows is harmless to them.

Most original shows on CW make their money through exclusive Netflix international streaming agreements, not through traditional sources such as ad-revenue from TV-viewers. The production companies propped up the unprofitable CW network just to keep their streaming profits coming

Keeping those shows on the air would be of no benefit to new owners should CW be sold. Canceling the shows actually makes it more attractive to buyers because the new owners would otherwise have to pay to license/air those shows THAT NOBODY WATCHES ON AIR.

Most of the remaining shows can stream on other platforms than Netflix, including via the CW's own app/site.

...And since the Netflix deal was exclusive and long-term and Warner won't let Netflix have the shows, no other streaming service will pick up those canceled shows. Fan campaigns will not bring those shows back for new episodes.

[www.hollywoodreporter.com]

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The plot thickens…
I like it!!