No Saul Zaentz (who has been dead for almost 10 years) used to own Middle Earth Enterprises (previously Tolkien Enterprises) which was a division of the Saul Zaentz Company but now is owned by the Embracer Group. Zaentz bought the Worldwide Exclusive film and tv rights to the Hobbit and LotR from United Artists which bought them from Tolkien.

All of which is separate from the Tolkien Estate and the Tolkien Trust which is managed by Tolkien’s family.