And there's even an added bonus to the deal that could mean an eventual spinoff series as well. These new TV shows will be produced in cooperation with the Tolkien Estate and Trust, book publisher HarperCollins and Warner Bros.
Not much is known about the upcoming series except that it is to be a prequel to the Lord of the Rings films and will tell new stories based in Middle Earth.
The Lord of the Rings series will be a co-production between Amazon Studios, New Line Cinema, HarperCollins, and the Tolkien Estate and Trust.
No word yet on a launch date or cast but Amazon says the deal includes a potential additional spin-off series.
The Lord of the Rings canon was named Amazon customers' favourite book of the millennium in 1999.
The Lord of the Rings trilogy has 17 Oscars in total, 11 of which come from the third and final film, The Return of the King, which is tied with Titanic and Ben-Hur for most Academy Awards ever for a single film. "I better see Elijah Wood as Frodo I don't care how old he looks". Apart from the obvious significant details, Deadline reports that the Tolkien estate also approached Netflix and HBO, and that Amazon ended up paying close to $250 million to land the project.
But fear not, it appears that Amazon's new television series will not actually be a retelling of the actual Lord of the Rings main story.