Last summer, we learned that Swedish gaming conglomerate Embracer Group had acquired the rights to The Lord of the Rings and The Hobbit franchises.
There was no mention at the time of how much they paid, though estimates suggested the property could be worth as much as $2 billion. After all, as well as nabbing the global rights to movies, Embracer Group can now make video games, board games, merchandise, theme park attractions, and even stage productions!
According to documents unearthed by Variety (via SFFGazette.com), the company has now confirmed it spent roughly $395 million on the franchise.
That's an eye-watering sum for most normal people, of course, but an absolute bargain in this instance. Amazon, for example, is rumoured to have paid $250 million to make The Lord of the Rings: The Rings of Power TV series for Prime Video, suggesting the J.R.R. Tolkien estate was on the winning side of that deal.
Embracer Group has expanded its catalogue in recent years, including with the recent acquisition of the Tomb Raider franchise. Now, new video games, movies, and TV shows revolving around Lara Croft are all thought to be on the way.
The report also mentions that there are "several world-class products" based on The Lord of the Rings in the works, including a multi-year deal with New Line Cinema and Warner Bros. Pictures as the "agreement covers 'multiple feature films'" based on Tolkien's works.
We've already heard about plans for possible spin-off movies which will revolve around characters like Aragorn and Legolas, while it was recently revealed that the studio has reached out to Peter Jackson about his potential input.
Hopefully, plans for The Lord of the Rings will become clear soon but this all seems to bode well. It won't take long for Embracer Group to earn that $395 million back, but here's hoping they're able to make fans happy in the process.
Stay tuned to SFFGazette.com for the latest updates on this and more fantasy franchises.