Oz Returning to Theaters?

UK site Digital Spy reports that another Oz (of "Wizard of Oz") film is being planned by Time Warner, apparently in a way that would be an effort to pick up the torch for Warner Brother’s "Harry Potter" series and New Line’s "The Lord of the Rings" series, both Time Warner offerings.  Just about everyone in the civilized world is familiar with "Wizard of Oz", but not as many people know that there were many other tales penned about Oz by Baum.  With "Wicked" being a successful musical based on a successful book that was written as an alternate view of the characters, the time may be right.  However, I remember Disney’s ill-fated "Return to Oz" of the 1980s.  I wonder if Disney still owns any Oz rights, and just what Time Warner has control over?  The Judy Garland version has been adapted to theme park/casino presentations by Disney and others, and a major non-Disney theme park was once planned based on Oz.  A hit series would make excellent material for theme park manifestations along the lines of the Harry Potter area going in to Islands of Adventure in Universal Orlando.