It's Welles but there is a limited market for 74 year old classic films. So WB should release it sooner than later. I'm sure they have the technology to bring the elements they have up to HD standards. Could Ambersons be tied up in some legal mess with Welles' daughter??
Warner and Beatrice settled the question of rights regarding Citizen Kane, The Magnficent Ambersons and Journey Into Fear years ago. I keep hoping there will be a theatrical or home video package marking Kane's 75th in the fourth quarter of this year.