Either way, it means that now Warner Bros holds the rights for the franchise and probably they will use it accordingly – so hopefully we’ll get some more quality LOTR games in the future – like tie-ins for the Hobbit movies, for example.
And it appears that is the case: Variety said that “based on logic and what some sources have told me, expect Warner Bros. to start producing Lord of the Rings games itself soon.” So, in the end, it’s not necessarily a bad day for gamers today, as nothing was, but transferred.