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Put the Silmarillion on HBO,get the game of thrones cast and writers,writers,writers...start from there
 
It's a done deal. Deadline reported that Amazon paid $200 to $250 million for the global television rights.

According to Deadline, Amazon shelled out somewhere between $200 million and $250 million just for the global television rights. It’s also expected to spend at least $100 million per season; so, if you do the math, a minimum of two seasons, combined with the initial TV rights, makes this at least a $400 million gambit for Amazon. Just to get an idea of how insanely expensive this is for a TV show, the six-episode final season of Game of Thrones will cost HBO an estimated $15 million per episode, or $90 million total.)

Source: https://www.theringer.com/tv/2017/11/13/16645288/lord-of-the-rings-tv-series-amazon

Also, the series will take place pre-Fellowship.

EDIT: Official press release from Amazon added:

https://phx.corporate-ir.net/phoenix.zhtml?c=176060&p=irol-newsArticle&ID=2316587
 
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Our family is big time fans. Done right, we'll watch. Done wrong, we'll most likely still watch.
 
"Instead of splitting The Hobbit into three separate films it would have been much better if they made it into a 100 hour TV show" said no Tolkien fan ever. ;)
 
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