Yes, and it’s not that unusual. The same type of thing has happened with other books.
The entity which owns the rights can then sell them to another entity, without requiring the permission of the book’s author. Tolkien sold the rights to United Artists, which sold them to the Saul Zaentz Company, which in turn licensed them to New Line Cinema when that studio agreed to finance Peter Jackson’s films.
The rights actually apply to all media use of the books, including the use of proper names of persons and places within the story. For example according to Wikipedia, a pub in England called The Hobbit has been served with legal action by Middle-earth Enterprises, the division of Saul Zaentz Company that manages the rights to Tolkien’s works.