The battle for rights of the popular series was going on for quite some time between Netflix and Amazon. The negotiations have resulted in Amazon acquiring the rights of the series, adapted from J.R.R. Tolkien's books for USD 250 million, according to The Hollywood Reporter.
The five-season series deal ensures that the show must be in production within two years. The series is expected to cost upward of $1 million, with all castings, producers, and visual effects factored in.
The fantasy-adventure genre films came out as a big hit and earned about $5.85 billion worldwide.