For those of you that can't or haven't followed the link...
Its not that Matty doesn't want to do it, its that DC/WB isn't allowing it. Ralph, for some reason, would now require a separate license agreement (most common guess is because he isn't part of the DCnU) and DC/WB is saying that it isn't a character that they are looking at pursuing at this point.
I didn't take it that way at all. The "license" part wasn't about DC licensing Elongated Man, but about Mattel licensing DC.
Mattel's hands are tied because they're paying DC to use their characters (at DC's discretion), and DC isn't letting them use Elongated Man, so there's not much they can do. The fact that they've done a "reboot" shouldn't have any bearing on Elongated Man's availability unless DC says they don't want him made.