They are not making it, but it may affect the release date of TES V. Why would there be an Elder Scrolls MMO and a main Elder Scrolls game come out at the same time(within a year or two of each other). This will affect TES V in some way. Also, many fans just see an Elder Scrolls MMO as an abomination.
I posted this in another thread earlier. I was joking a bit with it, but it actually does seem to make a little sense.:
It all makes sense now. The end of the reign of the Septims did mean something was about to change. TES V will be a battlefield, an MMO battlefield. All of it makes sense.
It's not actually going to be TES V, but the lore changes make some sense when an MMO is in the equation.