To recap: in the mid-2000s a rights-handling company called Red Eagle Entertainment bought the film and TV rights to Wheel of Time. Having just been through a lengthy and bruising attempt to get the series made at NBC, Robert Jordan was happy to hand over the project to them. Unfortunately, Red Eagle turned out to be a bit of a shady operation, more interested in making money out of the WoT name than actually seriously getting anything done. In 2008 they re-sold the film and TV rights to Universal Pictures in return for a production credit, but Universal ran into problems of its own and decided not to pursue the project. With nothing happening, the film and TV rights will revert to the Bandsnatch Group - that's the Jordan Estate, overseen by Jordan's widow Harriet - this Wednesday.
The zero-budget 'production' you see above is what is known in the business as a blocking move, a cheap production thrown together to show that the project is moving forwards, so the producers can try to hold onto the rights. It never works (see Hasbro swooping in to seize the D&D film rights back from the guy who made the awful three live-action films, or Bethesda forcibly retaking the Fallout MMORPG licence from Interplay after the latter failed to do anything with them) but does throw up delays and problems whilst lawyers fight it out. It's even more of a dick move because there has been a lot of interest from big TV and film companies in WoT, so once the rights reverted to the Jordan Estate they were going to start looking at a new project. This move by Red Eagle puts that in jeopardy.
But it's still got Billy Zane in it playing Ishamael, the Destroyer of Hope, which is the kind of bizarrely randomly chaotic casting decision I can almost respect in its utter randomness.
ETA (21 April 2017): The Wheel of Time TV show is now in active development at Sony.
This post has been edited by Werthead: 21 April 2017 - 09:27 PM