I think a Battle Nexus movie could work... but as Powder said above, I do think it would only work as a sequel, and a third or fourth one at that - such a concept needs proper setting up.
I'm generally not a fan of rebooting, but after the mess that was the Bay turtles it's pretty much a requisite for anyone ever going to see another TMNT movie again.
It'd be a great setting for a fighting game, though.
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