I think Telltale died not because they licensed IPs, but because of which IPs they licensed. They found their largest successes with The Walking Dead and Wolf Among Us and apparently didn't see the pattern that those IPs weren't already associated with video games.
The games they made that already had games in the IP (Batman, Borderlands, Minecraft) was a pretty large mistake because if players wanted to be in those worlds they had the option of simply playing Batman, Borderlands, or Minecraft.
Minecraft is was a comically huge miss because of how radically different the Minecraft and Telltale playerbases are. Minecraft also could not have been cheap to license (Minecraft : Story Mode was release the same year Microsoft bought Minecraft for 2.5 billion dollars). Tales from the Borderlands had a somewhat novel idea in featuring the series' villan (Handsome Jack) as a more prominent character. Unfortunately, Borderlands : The Pre-Sequel had the same idea and released earlier and was a full (ish) borderlands game. Batman games were enjoying a bit of a renaissance with the Arkham series and the idea there was a market for people who wanted a much slower and story-driven batman experience was off the mark because those people would likely just enjoy other Batman media (comics, movies, tv shows) instead.