It was presumably cancelled because it required a bunch of investment and marketing to be this big event book, and IDW don't really have the money to do that for a book they weren't even going to be able to sell trades of as they were losing the license.
IDW are kind of in a... desperate state, financially.
It's not impossible for it to be picked up elsewhere, but again these things only make sense as big event books, and I'm not sure a new publisher is going to want to do something so reliant on all those other books they didn't publish in the short term. If nothing else, one of the things that's attractive about these events to publishers is that you hope readers buy trades of these old stories to understand what's going on, but we have no idea if the new publisher will get reprint rights for IDW's stuff, even less Marvel's (some of which Hasbro control, but not all). Even if they do, they're not going to put all those trades back in to circulation on day 1 (retailers would not respond positively to sticking 60+ trades in the distributor catalogues in one month), it'll take years.
By the time it's done, if there is a multiverse crossover, they'll probably want it to at least prominently feature their own universe and books which the IDW book would not have done, so it won't have much resemblance other than being a multiverse crossover.
IDW are kind of in a... desperate state, financially.
It's not impossible for it to be picked up elsewhere, but again these things only make sense as big event books, and I'm not sure a new publisher is going to want to do something so reliant on all those other books they didn't publish in the short term. If nothing else, one of the things that's attractive about these events to publishers is that you hope readers buy trades of these old stories to understand what's going on, but we have no idea if the new publisher will get reprint rights for IDW's stuff, even less Marvel's (some of which Hasbro control, but not all). Even if they do, they're not going to put all those trades back in to circulation on day 1 (retailers would not respond positively to sticking 60+ trades in the distributor catalogues in one month), it'll take years.
By the time it's done, if there is a multiverse crossover, they'll probably want it to at least prominently feature their own universe and books which the IDW book would not have done, so it won't have much resemblance other than being a multiverse crossover.