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As far as I can see all New Line have actually done is renew the standard LotR+Hobbit license they made LotR, Hobbit, and Rohirrim under. I'm sure Middle-earth Enterprises would like them to make lots of new movies and presumably pay lots of percentages, but there's no indication that they have actual plans.
I agree with Form that a bunch of incompatible adaptations would be kind of fun. I'm curious as to whether they'll choose to stick to stories taken from the books directly (eg, Young Aragorn, or Fall of Arnor), or whether they will expand to completely original stories set in Middle-earth (eg, literally any movie set entirely in the Shire). We know they're willing to animate, which takes a lot of the stress out of using wildly varied sets for different movies.
hS
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