The Rodgers and Hammerstein Organization is very choosey about to whom they give the rights and I think that they might have a problem with a one night live television production with a cast tied to current popular music.
This production of The King and I, easily recordable at home if not eventually made available by streaming and DVD, would become the most viewed production of the show and I really don't think that they would find it "dignified" enough for one of the R&H big five.