Every time I watch JTBC, I wonder: why was iTV (Gyeongin Broadcasting) shut down?

Looking back, while broadcasting stations that caused numerous accidents and controversies, including Mnet, are still running perfectly fine, I wonder what the reason was for this unprecedented event of wiping out a single broadcasting station overnight following the media merger, and why it absolutely had to be done this way.
‌If I had to pick a broadcasting station that left the most intense impact in Korean history before disappearing grandly, I would definitely choose iTV. Even though it wasn't a general programming channel but a terrestrial broadcaster, it made a name for itself from its early days with programming that was distinct from the other three major terrestrial networks.
Even thinking about it now, iTV was truly an amazing station.
They scheduled news at 10 PM, held exclusive live broadcasts of Chan Ho Park's starting games, and aired everything from Japanese anime programs like "Empress Ki," "Star League," "WWE," "The Fighting," "DadaDada," "Wang Bau," "Saiyuki," and "Fruits Basket" to investigative documentaries..
Even to this day, no broadcasting station other than iTV has ever managed to air such a wide range of genres and scales on a single channel. I can't help but wonder how Korea's broadcasting history would have changed if iTV hadn't been shut down and had survived until now.
Although the emergence of general programming channels later on has inherited some of the roles that iTV played, they have never secured major overseas sports broadcasting rights or imported Japanese anime in the same way.