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Amazon bought all the exclusive television rights for Lord of the Rings in an attempt to gain new members to its streaming and shopping club, Prime.
Now, Amazon is looking for a dramatic show that could be a hit globally, much like HBO's popular fantasy series "Game of Thrones".
It's planning a multiseason storyline set before "The Fellowship of the Ring".
The Lord of the Rings' rich imagery is a fertile ground where script writers can find the inspiration to deliver enticing new epics based on the Middle Earth universe.
Amazon announced the deal after reaching an agreement with Tolkien's estate, which issued its own statement.
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A representative for the Tolkien Estate added: "We are delighted that Amazon, with its longstanding commitment to literature, is the home of the first-ever multi-season television series for The Lord of the Rings".
The Monday announcement was followed by a tweet from Bezos saying "Amazon Prime heads to Middle Earth".
It will feature stories based on author J.R.R. Tolkien's original writings, as well as a potential spin-off series.
The hefty price tag is just for the rights of the television series and does not include the additional production costs, which is expected to be around $100 million - $150 million a season for a fantasy series of LOTR magnitude.
Amazon is no stranger to big spending on film and TV.
Are you excited for the Lord of the Rings TV series?