After much speculation and plenty of rumours, Amazon have confirmed that they are making a TV adaptation of J.R.R. Tolkien's 'Lord of the Rings'.

Amazon Studios have announced that a multi-season agreement had been reached between Tolkien's estate and New Line Cinema, and that the TV version would see the author's vision 'reimagined' in a Middle Earth that differs to Peter Jackson's lauded movie trilogy.

The rights to the series were reportedly bought for a whopping $200 million - and that's without factoring in the production budget, which is expected to reach $150 per season.

A rep for Amazon Studios said: "The Lord of the Rings is a cultural phenomenon that has captured the imagination of generations of fans through literature and the big screen. We are honored to be working with the Tolkien Estate and Trust, HarperCollins and New Line on this exciting collaboration for television and are thrilled to be taking The Lord of the Rings fans on a new epic journey in Middle Earth."

It's not clear yet how the series will be structured, or whether it will follow the same trilogy-style structure as the books and Jackson's interpretation of them. 

The reaction to the news on social media has been mixed, to say the least...