Well but we also can’t forget that there are couple of MMO’s that only have like 2-3 international servers but with channel systems (e.g aeriagames’).
IMC could use that systems and along gradually increase or decrease channels and/or servers as they see fit according to population’s demands.
According to some videographics, almost around 60% mmo player worldwide are a loyal WoW players anyway, so I don’t see the urge to sell license to local publisher when they can only expect to attract 40% of the mmo player population.
Also we have to take consideration that selling the license to publisher is not merely for a whole lump of money, but to give the better experience to player by providing them with low ping (e.g Terra, although it’s somewhat not the case at all).
If it’s only about money, the management should’ve realize that having a direct customer might provide them better profit than selling license.