Was can also mean it was planned, but never happened. There's been no indication, in years, that King of the Elves is still in the works. We can mark it down as a held off project, until Disney either confirms its cancellation or its release date.
"was" is still not a good choice of word. maybe just say King of the Elves is an upcoming project? upcoming doesnt mean any year, just in the future. or just delete it entirely until they confirm it (tho yes, that's way too much work).
then delete it entirely. we dont know if its existence is true or not. we dont know anything about it. nothing is revealed. meaning it could've been scapped for years. meaning its no longer Disney. then it should just be deleted entirely. the entire article, i mean.