Fans react to Lord of the Rings TV show announcement

The original ring from Lord of the Rings films

However, fans anxious that the TV show will attempt to retell the story need not be concerned; the series will instead "explore new storylines preceding J.R.R. Tolkien's The Fellowship of the Ring", and will therefore be set before the events from the Oscar-winning trilogy.

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.

13, the streaming service announced that it had acquired the global rights to a multi-season Lord of the Rings television series in a deal that is reportedly close to $250 million. Here's hoping the team at Amazon is up to the task!

As it turns out, things were farther along than we thought.

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Last week we heard rumours that Amazon Studios was working on a Lord of the Rings TV show, yet today we've learnt that it's officially happening.

Amazon Studios' press release came with a little description of what to expect from their new show which confirmed that it'll be set in Middle Earth and will take place before the events of Tolkien's The Fellowship of the Ring. The deal also includes the opportunity to pursue spin-off series.

A world-renowned literary work, and victor of the International Fantasy Award and Prometheus Hall of Fame Award, The Lord of the Rings novels was named Amazon customers' favorite book of the millennium in 1999 and Britain's best-loved novel of all time in BBC's The Big Read in 2003. And what better way to pursue that goal than to bring back a franchise whose movies starring Elijah Wood and Orlando Bloom grossed $6 billion worldwide? That trilogy made almost $3 billion and 17 Academy Awards. Aside from Amazon, the Tolkien estate also approached Netflix and HBO for the project.