The film rights to The Lord of the Rings and The Hobbit go on auction this week in Hollywood. The Lord of the Rings: The Rings of Power TV series, based on J.R.R. Tolkien's classic fantasy novels, is nearing the start of a new adaptation on Amazon Prime Video. The program follows in the footsteps of Peter Jackson, who took the Lord of the Rings brand to Hollywood in the early 2000s with a trilogy centered on Frodo's journey. Following Bilbo Baggins, the director returned to head a Hobbit trilogy.
It's been over eight years since The Hobbit: The Battle of the Five Armies was released in theaters, and it was the last time the film franchise was actively developing. Warner Bros. stated last year that it was working on an animated film titled The Lord of the Rings: The War of the Rohirrim. Otherwise, the film series has been dormant, owing mostly to Warner Bros. relinquishing its live-action rights by not generating a new film adaptation.
According to Variety, Saul Zaentz Co. has opted to sell its part in Tolkien's assets, which include several Lord of the Rings-related movie, merchandise, gaming, and live event rights. The sale of these rights is anticipated to take place this week, with Amazon said to be "near the top of the list of potential contenders" to purchase them and increase its control of the Lord of the Rings property.
The decision by Saul Zaentz Co. to sell the film rights to Lord of the Rings, The Hobbit, and other works in J.R.R. Tolkien's Middle-earth realm might trigger a bidding war in Hollywood. Each Tolkien property is likely to fetch at least $2 billion for the corporation. Given the studio's commitment in The Rings of Power, Amazon's interest is expected. If Amazon wins this auction, it will be able to develop live-action movies in addition to the future TV series. Of course, other major studios are anticipated to bid for the Lord of the Rings film rights as well.
Amazon's status as the favorite to acquire the Lord of the Rings and Hobbit film rights may push up the price for other possible buyers, such as Warner Bros. Since WB and New Line collaborated on Peter Jackson's Lord of the Rings and Hobbit trilogies and made billions doing so, it would be strange if they didn't try to reclaim ownership of the property. However, Warner Bros. may also be aware that a Lord of the Rings revival will not be received positively, so they may choose to withdraw from the bidding process and allow another company to make that very costly error. With the sale of The Lord of the Rings and The Hobbit rights, studios will most likely be aggressive in concluding deals.
