Following the merger of Paramount and Warner Bros. Discovery, a new company named Skydance was formed, led by David Ellison. This merger has raised questions about the future of various ongoing projects, especially The Lord of the Rings: Shadows of the Past, a film that was announced on March 25, 2026, by Warner Bros. and New Line Cinema. According to a report by Knight Edge Media on October 4, the film has been "paused" due to the merger. However, Warner Bros. later contacted several media outlets, including World of Reel, to clarify that the project is still in active development and remains in the writing phase at New Line Cinema. The Lord of the Rings: Shadows of the Past was originally conceived by Stephen Colbert, the former host of The Late Show, who is also a fan of J.R.R. Tolkien's work. Colbert co-wrote the film with his son, screenwriter Peter McGee, and Philippa Boyens, who previously worked with director Peter Jackson on the Lord of the Rings trilogy. Peter Jackson is producing the film. Rob Keyes of Screen Rant disputed the Knight Edge Media report on October 5, stating that there have been no changes for several weeks and that the screenwriters are still working on the script. As is typical for films in early development, there are no confirmed budget or filming dates yet. The merger has placed David Ellison, now head of Skydance, in control of Colbert’s film. This follows the cancellation of Colbert’s late-night show The Late Show, which was announced by CBS on July 17, 2025, as a "purely financial" decision. The show’s final episode aired on May 21, 2026, just three weeks before Skydance finalized its merger with Paramount on August 7, 2025. Warner Bros. has not yet indicated whether the new leadership will alter the film’s direction or when filming might begin. Shadows of the Past is designed to appeal to fans of Tolkien’s books, taking place fourteen years after Frodo’s departure for the Undying Lands. The story follows Sam, Merry, and Pippin as they retrace the first steps of their journey from the Shire to Bree. If the film continues without a specific schedule for now, the next major event in Middle-earth remains unchanged: The Lord of the Rings: The Hunt for Gollum, directed and performed by Andy Serkis, is still set for a theatrical release on December 17, 2027.