I don’t think that’s true, it’s not a rebranding of anything.
Plex has a still has a Live TV/DVR, where you add your own antenna/tuner and can record content to your library, and even cut commercials. I wouldn’t say that it never worked out for them. It’s been a fine addition, but I would imagine costly to maintain given all the moving parts involved.
On top of that, Plex has been adding their own content on clients. Podcasts, News, Web Shows, On Demand Movies & TV (including Crackle content), and Live TV stations (not local OTA), many of which are ad supported as a way I hope of diversifying their income stream and sustaining the product. TWiT is still available as a podcast and Web show. The Plex provided content is easily turned off on the clients. That may not have been the case early on, but the devs did listen to their users and made it easier to do so.