It’s been a decade since Warner Bros. and New Line Cinema attempted to repeat the massive success of their Lord of the Rings film trilogy with a three-part adaptation of J.R.R. Tolkien’s The Hobbit. This was, to quote Sean Bean’s Boromir, folly. The Hobbit cost three times as much to produce for the same return, and no one much cares for it. Nevertheless, WB isn’t about to let their license to the Tolkien legendarium expire, particularly with Amazon lying in wait with another billion-dollar offer to rights owners Embracer Group.