'Lord of the Rings' TV series coming to Amazon Prime

CREDIT New Line Cinema

CREDIT New Line Cinema

The mega-deal is shocking and reminiscent of 2013, when Amazon founder Jeff Bezos also shook the media landscape in buying The Washington Post Though the television deal is a corporate agreement and the newspaper purchase is a personal investment, both transactions demonstrate how established brands still carry big value in the Internet age.

Deadline also notes that Amazon, HBO, and streaming giant Netflix (NFLX - Free Report) were all approached by the Tolkien estate about the new LOTR show.

Barrie M Osborne, Peter Jackson and Fran Walsh, pose with their Oscars for Best Picture for "The Lord of the Rings; The Return of the King" during the 76th Annual Academy Awards at the Kodak Theater on February 29, 2004 in Hollywood, California.

Plans for the new series were announced by Amazon Studios on Monday with United States entertainment trade website Deadline quoted as saying it understands that the deal is "dwarfing any TV series pact to date with a whopping price tag attached".

Amazon head of scripted series Sharon Tal Yguado said the conglomerate was honoured to be working with the Tolkien Estate on the collaboration. His published works, including those compiled posthumously, include prequel mythologies and histories of his fantastical universe like The Silmarillion and The History of Middle-earth.

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The studio has already committed to a multi-season run of the new series, produced by Amazon Studios, the Tolkien Estate and Trust, book publisher HarperCollins and New Line Cinema.

It's unclear how Amazon plans to divide the series. Amazon Studios Chief Operating Officer Albert Cheng was named interim president.

According to Deadline, the series will be set in Middle-earth and explore story lines preceding J.R.R. Tolkien's The Fellowship of the Ring.

Arguably it could be the biggest TV adaptation of a known property ever, but there is a caveat: the TV series will be based on events that take place before The Fellowship of the Ring.

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