To be fair, since we didn't know the initial budget, it may not be bad news, if it was like 20M$ an episode (House of the Dragon budget), it's not worth that much (and really doesn't need that much, space stuff isn't that expensive, reminder that Star Trek, Stargate, Farscape and such managed it on pretty small budgets decades ago). It's also way too risky for a company so in debt to spend on a completely unproven property (only movie it got being a huge failure)