I think to say 'the directors are selling' because of this is...

I think to say 'the directors are selling' because of this is potentially misleading.
The announcement indicated that one director (who is a major stakeholder) sold just over 100,000 of his 14,700,000 shares. He still owns 14,600,000.

I think you may be a bit off if you are saying the director is acting on the basis of the advertising being pulled. If this was the case, he probably would have sold more than (what works out to be) about 0.007% of his stake.

Not denying this decreased ad revenue isn't a negative thing, but don't think the directors (or long term shareholders) will be losing any sleep over it.