At first this really didn't make sense because on the surface it seems completely stupid, and it really is. They're doing the same thing Discovery did to the Home channel; kiill it and their home programming for a year-long green fad in Planet Green which ended up as Destination America.
But then again, there's one thing Style has that G4 isn't going to get with anything they could have; DirecTV coverage. G4's been off there since 2010 and shows no signs of coming back. Easy call to kill the SATC and Gossip Girl reruns for Esquire's slate because it gets around DTV's "yeah, we're never picking this channel up again" reasoning.
Really though this is covering up two things; two botched launches. Style's re-launch failed miserably, while G4 is pretty much dead because the original Esquire launch date was five months ago. And I remember I said a year back that eventually, either Style or Oxygen was going to be killed because of too much overlap. Style ended up the loser there, and Esquire will get a better launch and a channel space people actually watch when it starts up.