It's a fake news story, ShyViolet ..
Peter Jackson is pretty well 'booked' for his next few films .. and even WETA Digital is gonna have its hands 'full' for the next few years, now that production has begun on James Cameron's
Avatar. A project with the size/scope of
The Wizard of Oz isn't likely to involve either; at least, not at the moment ..
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Though,
The Wizard of Oz has
seriously 'under-utilized' potential, as a film franchise. There are 14 books by L. Frank Baum alone .. and dozens more by other authors.
One of my favorite Baum books is
Dorothy and the Wizard In Oz, an underground adventure not unlike
Journey to the Center of the Earth .. in one of the subterranean lands they visit, everything is made of wood (even the birds, and the people who live there); that sequence alone could inspire fantastic visuals in the hands of a talented production design team. :idea:
I happen to love
Return to Oz, which to me 'feels' much more like the book series than the 1939 musical. Perhaps it was made 20 years too soon; in today's environment of successful children's book films (
Harry Potter,
Chronicles of Narnia,
A Series of Unfortunate Events, etc), a film like
Return to Oz would almost certainly have several follow-up sequels in development ..