MGM loses rights to Alicia Vikander's Tomb Raider sequel after failing to greenlight the film

dailymail.co.uk:

Four years after Alicia Vikander debuted as Lara Croft in the 2018 Tomb Raider reboot, a long-planned sequel is now dead... as it stands now.MGM reportedly had until May 2022 to give the green light to a sequel, or else it would lose the rights to the popular video game franchise.While Vikander was set to return and Misha Green (Lovecraft Country) slated to write and direct, MGM failed to greenlight the sequel by May, with The Wrapnow reporting that a bidding war has started for the film rights.

No sequel:Four years after Alicia Vikander debuted as Lara Croft in the 2018 Tomb Raider reboot, a long-planned sequel is now dead...

as it stands now No green light:While Vikander was set to return and Misha Green (Lovecraft Country) slated to write and direct, MGM failed to greenlight the sequel by May, with The Wrap now reporting that a bidding war has started for the film rightsWith MGM letting the rights lapse, Vikander, 33, is no longer attached to return as Lara Croft, with the property expected to be rebooted once again.Green is seemingly not attached to write and direct either, since the report adds there are, 'no casting or director commitments.' The rights automatically reverted back to the video game company, which thusly made a deal with producer Graham King and his King Films to represent the IP.