  We argue that the changing-look event in the active galactic nucleus 1ES
1927+654, followed by a dip of 3 orders of magnitude in the X-ray luminosity,
is controlled by a change in the accretion rate and an inversion of magnetic
flux in a magnetically arrested disk (MAD). Before the changing-look event,
strong magnetic flux on the black hole powers X-ray emission via the
Blandford-Znajek process while the UV emission is produced by a radiatively
inefficient magnetized disk. An advection event, bringing flux of the opposite
polarity, propagates inward leading, first, to a rise in the UV/optical
luminosity and, then, to a dip in the X-ray luminosity when it reaches the
black hole. We estimate the timescale for magnetic flux advection and find that
the observed timescale between the beginning of the changing-look event and the
minimum in the X-ray luminosity, $\approx200$ days, is in agreement with the
time needed to cancel the magnetic flux in a MAD extending to
$\approx180\:r_g$. Although flux inversion events might be rare due to the
large ratio of flux-to-mass that is needed, we argue that AGN showing an
unusually high ratio of X-ray to UV luminosity are prime candidates for such
events. We also suggest that similar events may lead to jet interruptions in
radio-loud objects.
