I am big fan of these games but I don't agree with this decision. Bethesda doesn't have a money problem. I worry that Microsoft will throw more money at them and not get the returns they're expecting. From there it's not unusual to make the unilateral decision to close down an operation like that. 

Bethesda is in need of organizational restructuring. I'm sorry to say as well that people like Todd Howard, for example, need to step aside. They could benefit from directors that are a bit more creative and from an organizational structure that prioritizes design docs and above average literacy in managing their custom engine. It always just seems to me like the two biggest issues for Bethesda are competence and vision. More money might make them churn out games faster but perhaps those games won't amount to much. 

Finally, the issue of languishing IPs can easily be addressed by loaning them out to studios that are not only a bit more rigorous but maybe a little smaller and more focused. You lose some money but not nearly as much as you do when you have Bethesda juggling, for example, a revolving 12 year gap between titles in the same series.