* Rights: Disney did not own the rights to The Lord of the Rings. The rights were held by the Tolkien estate, who eventually sold them to New Line Cinema.
* Tone and Content: The Lord of the Rings is a very complex and epic story, with themes of war, death, and sacrifice. It is also filled with dark and violent scenes. This tone and content were not traditionally aligned with Disney's family-friendly image.
* Budget: The Lord of the Rings was a massive undertaking, requiring a huge budget for filming, special effects, and production. This was a risk Disney was likely unwilling to take at the time, especially considering the potential for a darker, more mature film.
* Timing: By the time New Line Cinema acquired the rights, Disney was focusing on different types of productions and franchises. They were heavily invested in their own IPs like Star Wars and Pixar films, and may not have seen the Lord of the Rings as a strategic fit.
It's important to note: Although Disney did not adapt The Lord of the Rings, they have since acquired the rights to other fantasy franchises, including Star Wars and Marvel Comics, indicating a shift in their approach to more mature content.