Later today, Wizards of the Coast is slated to announce crossovers between the multiverse of Magic: The Gathering and the licensed properties of both Lord of the Rings and Warhammer 40,000. The Wall Street Journal and Comicbook.com have both independently confirmed this news, although it is unclear if these properties will be included in new sets and given a treatment similar to the Godzilla Series, or be included in Secret Lair drops.
Later this year we will see the set Adventures in the Forgotten Realms, which will be fully entrenched in the Dungeons & Dragons intellectual property owned by Wizards of the Coast, but this crossover is only the beginning of a deep dive into various other properties, including those owned by Games Workshop and the estate of J.R.R. Tolkien. Granted, Games Workshop has the right to produce miniatures games revolving around Lord of the Rings, so it's also possible that Wizards of the Coast has only needed to get licenses from them in order to bring both IPs to Magic: The Gathering.
What does this mean for the players? Put simply, the worlds cultivated by the folks at Games Workshop and by J.R.R. Tolkien will be in Magic. We may see these cards get a Secret Lair drop series revolving around them, or a treatment similar to the Godzilla Series from Ikoria, or even full sets surrounding these licensed properties. Presently, it remains unclear exactly which options we will see. Will we get cards based on Gandalf, Frodo, and the rest of the Fellowship of the Ring? Signs point to "it's likely." Will we get Space Marines, or perhaps Necrons? Perhaps, although with Warhammer 40,000 being science-fiction, it is certainly a bit more hazy.
At the investor event where Wizards of the Coast is announcing this information, we will see a re-division of the Wizards subsidiary under Hasbro. Hasbro plans to reorganize Wizards into its own division, noting that the two core properties held by Wizards of the Coast have done phenomenally during the 2020 fiscal year.