This new game is completely separate and wont be using any pre-developed materials from the cancelled one.
They even added the black lands of Mordor a couple years back.
Literary, you say?

A cheeky nod to Fatty the Hobbits inevitable appearance, I think.
The megacorps video game division has somewhat turned things around since their last trek to Middle-Earth.
Both New World and the worldwide release of Lost Ark have been considerable successes, following bumpy launches.

Hopefully lightning doesnt strike twice, and this LOTR MMO makes it out of the gates.
Middle-Earth can be quite cosy when its not riddled with orcs, goblins, super elephants.