I think this will become a woke disaster. There is no reason to remake TLR at all. They will not be able to surpass the Peter Jackson version, regardless of how woke they get. Do they own the rights? There should be penalties in such rights contracts that prevent the woke nightmare that Disney is wallowing in.
It’s not actually The Lord of the Ring at all. The Lord of the Ring took place in the 3rd age of Middle Earth. This takes place in the 2nd age (mostly), several thousand years before TLOTR. It’s mostly based on Tolkein’s works in The Silmarillion. And yes, they have rights. The Tolkien estate has been cooperative and supportive (though I suspect $ signs are a big factor for that support).