Fabio took over the rights to the TV in Spain as FOM made no money on the Spanish rights before one F Alonso esq happened along (managed by Flavio, of course). I think Bernie got rid simply because he didn't make anything so there was no point in having lengthy negotiations for a paulty sum and no audience. Fernando obvioulsy changed that.
One could suggest it's corrupt, another interpretation would be that Flavio took a risk that his young Spanish driver would turn things around and make F1 popular with TV viewers. Turns out he was right...