Putting aside the argument over whether or not movies should be remade in Hollywood (the real argument is how to remake something well, not whether it should be remade at all), I’m not sure anyone should be foolish enough to touch such a sacred cow as The Wizard of Oz. It’s one thing for the Coen Brothers to remake True Grit, etc., but I mean, this is The Wizard of Oz we’re talking about here. It’s a beloved classic!
Having Robert Zemeckis attempt to remake this doesn’t instill confidence that the remake would be any good. Still, the series of Oz books by L. Frank Baum would make an compelling Harry Potter-style franchise if Warner was committed to going all in. Though given how quickly the public flamed out their interest in the Narnia Chronicles, they might be afraid of investing too much money and more concerned with the quick namesake cash grab.
Also interesting, is that Zemeckis is currently making a Yellow Submarine redux flick for Warner Brothers. Weird.