I think this is likely as well. The Hobbit and The Lord of the Rings were already famous texts before the films. Putting aside the fact that they would have to almost completely invent the plot from whole cloth (and the Dol Guldur material in the most recent films shows how that can go) I can't imagine how they would market a spinoff.
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"Since the evening of that day we have journeyed from the shadow of Tol Brandir."
"On foot?" cried Éomer.
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