This whole Stephen Colbert writes a Lord of the Rings movie, is basically a decision on the part of a disgruntled WB Board member or someone in the production Pipeline not happy about the Paramount/Skydance acquisition of Warner Brothers and its library.
But this project absolutely doesn't survive the merger. There are many reasons why not the least of which is, the very people who just fired Stephen Colbert from late night hosting and who he has an adversarial relationship with are about to own Warner Brothers.
If they didn't trust him with a late night talk show. They are not going to entrust him with a billion dollar beloved franchise.
Moreover. They didn't buy Warner Brothers, to continue the outgoing leaderships pet projects. They want their own mark on things as soon as possible. An as yet unscripted project, without anything being signed - Because Warner Brothers can't legally sign onto anything while the merger is in flux, is one of the very first type of things to get shelved.
And no. Peter Jacksons clout, isn't what it is being characterized as. He's basically retired. His influence and desires are more symbolic than anything else.
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