Even as Game of Thrones begins to film its eighth and final seasons, other television networks are desperate to find their own epic fantasy series.
With its fantastical setting and characters, The Lord Of The Rings bears a superficial resemblance to HBO's Game Of Thrones, now one of the biggest shows in the world.
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Lord of the Rings is huge, yet people we left feeling a little bit cheated after Peter Jackson's subpar Hobbit trilogy. Set in Middle Earth, this TV series will explore new story lines preceding Tolkien's "The Fellowship of the Ring".
Hollywood entertainment website Deadline reported the deal came with an eye-watering upfront rights payment of around US$200 million (S$272.5 million).
A representative for the Tolkien Estate added: "We are delighted that Amazon, with its longstanding commitment to literature, is the home of the first-ever multi-season television series for The Lord of the Rings".
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"Sharon [Tal Yguado, Head of Scripted Series] and the team...have exceptional ideas to bring to the screen previously unexplored stories based on J.R.R. Tolkien's original writings".
Amazon said it will produce the series along with Tolkien Estate and Trust, book publisher HarperCollins and film studio New Line Cinema.
Amazon reportedly paid close to $250 million for the global TV rights - and that doesn't include production costs.
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Amazon is no stranger to big spending on film and TV.