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shikamaru317 said:

Amazon bought the rights to the 2nd Age only afaik, directly from the Tolkien estate. As far as I know, WB's rights only cover the The Hobbit and LOTR itself, as well as the general Middle Earth universe during the 50 or so year timeframe where the movies are set (which is how the WB published game War In The North was able to cover original characters fighting against Sauron's forces in the North at the same time the Fellowship was travelling towards Mordor and fighting Sauron's forces in the South, as well as how they were able to make Shadow of Mordor and Shadow of War with original characters and and an original storyline between The Hobbit and LOTR). 

So, the only possibilities here for WB unless they acquire 1st Age, 4th Age, or Full 3rd Age rights from the Tolkien Estate are:

  • Remakes of LOTR or The Hobbit with new actors (hopefully not the direction they go in, as these would almost certainly end up worse than the originals, as it is like trying to bottle lightning twice)
  • A movie with original characters and an original storyline set in the general 50ish year time period of The Hobbit and LOTR
  • A movie adaptation of one of their games with an original storyline that is set in the general timeframe of The Hobbit and LOTR, such as War in the North or Shadow of Mordor/Shadow of War

Wouldn't there be another option? Copy Disney and do spinoff stories for all the individual characters. A Gimli movie, an Aragorn movie etc.