I heard slightly differently.
The upcoming "Bumblebee" movie will be the start of the new movies, rather than closing out Bay.
Either way, the movies are getting a reboot.
Wow... so one underperforming sequel later, and they're starting over? I wonder what different approach they'll take?
I suspect the biggest change will be tone.
Bayformers started before Marvel studios properly launched. (The Hulk movies seems to be counted selectively. If Marvel Studios wants to sell the longevity of the franchise, they count it. If they are selling "good movies with superheroes....", they ignore it.) When Bayformers launched, nobody expected the movies to be good, let alone credible. Good comic book movies were rare, and not universally recognized as good. And, a movie that tied in with a toyline would have an even bigger jump to reaching credibility.
Bay worked because audiences had such low expectations for the movies.
But, Marvel has since proven that comic book movies can not only be good, but be recognized as such. It would make sense for Hasbro to push for something different (especially with audiences seeming to tire of Bayformers). There will probably be fewer dumb set-pieces and the like.
I cannot say that I am upset by the idea of a reboot.
Bayformers ran for ~10 years. That ain't bad for a franchise that was expected to tank after one movie. And, Marvel is hitting a point where they have to change things, if only because the original cast ain't getting younger.
I did not dislike Bayformers as much as some people (on this forum and elsewhere) do. But, I was never in love with Bayformers. There were some tie-in comics that I liked (particularly "Reign of Starscream"). But, the primary media (aka "the movies") was always lacking in one or more things.
I sat through all of the movies at least once. There were things that I liked *about* the movies, but not enough to make me like the actual movies. I would never tell a non-fan to sit through a Bayformers movie. They are, at best, passable action movies, and nothing worth seeking.