Getting Porgy and Bess restored and released has been an ongoing saga with many twists and turns.
I should also have mention that it was unavailable in any form for many decades, not just home video. That included TV, cable, theatrical, everything. The Gershwin estate seized and destroyed prints for much of this time. A few showings have been permitted in the last decade, but it has been very difficult to see.
This history of suppression is almost unprecedented, especially for a film that won Academy, Golden Globe, and Grammy awards and was photographed and exhibited in 70mm roadshow.
But the major rights issues have seemingly been cleared and now we just have to wait to see what happens.
It is my understanding that the original materials are in the hands of the Goldwyn estate and are in good condition so there is hope. It was not overprinted since only a few 70mm prints were struck, with 35mm prints in dye transfer.