New World Status Update from Twitter
Hello, We are still very much alive and working hard to build new features and content based on all the great feedback we received during our Alpha Test. We have been radio silent until we have exciting new things to share, rather than build a bunch of hype fatigue. (source)
New World and the announced LOTR MMO will both be made in the same studio, but by separate teams. It will not draw resources from New World's development. (source)
Sounds like we still have to wait a bit longer for more concrete news about the game.