I think that cable represents a lot of failures that don't need to repeated. If someone were serious about starting an ad-free subscription service there are things they can do to help ensure it stays ad-free. An easy one would be contract provisions that would require the company to make massive payouts to customers if ads are ever introduced to the service. That kind of provision doesn't cost an ad-free company anything to include, but when somebody gets greedy and starts considering adding ads it would make the idea much less attractive and could force them to look at other ways to enshitify their product.

> contract provisions that would require the company to

IANAL but I suspect bankruptcy law is a subtle and chronic bad influence here.

If a well-behaved company has financial trouble, formerly-binding promises around privacy or ethics may get voided in the name of somehow turning the whole mess into money for creditors. Then the new ownership may be able to do whatever they want with the data.

If the prior management deleted everything before the sale, they could get into legal trouble for destroying "valuable assets" and wrongly prioritizing customers over creditors.