I think this has more to do with the pandemic than it does with the Ottawa senators.
Rogers also did massive layoffs didn't they last season?
Broadcasters in generally are probably bleeding a ton of money
I think the pandemic is only amplifying and accelerating what was already happening for a few years now. In the Sens case, the fanbase and viewership has been going down for a few years now caused mostly by the terrible on ice product.
Sens fans were STARVING for hockey and to see the shiny new toys. Now, we see that these games are really hard to watch to the end and there's no indication that they'll be anywhere but last in the league, AGAIN. Viewership has to be pretty horrible even considering the mostly late games so far.
If I'm TSN/Bell/Rogers and I look at the Sens, they invest as little possible into the on-ice product so why would I invest anything into this terrible product that clearly doesn't care about icing a competitive team. It feels like the only reason the Sens are still afloat is because of the TSN contract and the Sens aren't holding up their side of the bargain (icing an NHL team) and now viewership is probably all time worst when everyone is stuck at home and can't see the games anywhere else.
I hope that they start applying pressure to the NHL, ultimately, advertisers and sponsors are the only ones that can force the hand of the NHL to intervene in this mess.