IP Licenses are very tricky things, take for example the Lord of the Rings license, it isn't one overall umbrella license, it consists of multiple licenses covering a multitude of different media types, for example on the gaming side of things WB holds the license for single player games, however Turbine (yes I know Turbine are owned by WB but for license purposes they're separate entities) hold the license for LotRO MMO's, and Games Workshop have the license to make LotR board games.
They still hold the license, right?Yes, and no.
