CEO David Zaslav is attempting to bring Warners create multiple major franchises and The Lord of the Rings is one of them.
So with all these news, the actor Elijah Woods, who was one of the stars in the original film adaptation of The Lord of the Rings, shared his thoughts on this via GQ Magazine:
“I’m fascinated, and I’m excited. I hope it’s good. I’m surprised – I don’t know why I’m surprised because of course there would be more movies. Obviously, at the core of that is a desire to make a lot of money. It’s not that a bunch of executives are like, ‘Let’s make really awesome art.’ And again, not begrudging anybody because, of course, it is commerce. But great art can come from commerce. So those two things are not mutually exclusive. But Lord of the Rings didn’t come out of that place. It came out of a passion for these books and want to see them realized. And I hope that that is ultimately what will drive everything forward with whatever these subsequent movies are. I just hope that it’s the same motivating factor at its core, whenever they hire a screenwriter and a filmmaker – that it is with reverence for Tolkien’s material and enthusiasm to explore it.”
The Actor is also willing to play Frodo Baggins if the opportunity calls. The director of "The Lord of the Rings" trilogy Peter Jackson is quote "kept in the loop" of the situation on the possibility of more films. Jackson and his business partners Philippa Boyens and Fran Walsh are expected to speak with Warner Bros. Discovery someday.
Source: Dark Horizons