This does give them a studio, as you pointed out, for their in-house productions. They don't really have one and are hemorrhaging cash for stupid shit reasons and for garbage content.

You hit the nail on the head, though, when you said it was for licensing. They got in trouble because they have been streaming/selling digital copies for works they do not own. Starz had the license and sued them over it. A couple other companies did too. Buying the studio means they own the content.