Reuters have some interesting number-crunching and analysis of Amazon's foray into TV production, including some information on the upcoming Lord of the Rings TV show.
As related previously, Amazon is making a prequel television series, which will be set between the events of The Hobbit and The Lord of the Rings. It is unclear if the TV series will be part of the movie canon, using a similar visual style, costumes etc, or will be a whole new screen adaptation of the series. We do know that, so far, Peter Jackson and his team have not been consulted about the new project at all, although New Line (who produced the original Lord of the Rings movie trilogy) and Warner Brothers (who own New Line) are involved.
According to the Reuters report, Amazon have paid $250 million for the rights (confirming the original reports) and are potentially budgeting £250 million for the first two seasons alone. This means that the set-up costs and the budget for the first two seasons of the Lord of the Rings show will cost more than the entire Peter Jackson movie trilogy, including marketing. Which seems insane. More bananas is that Lord of the Rings is expected to run for five seasons, so the budget for the entire series will be more than twice that amount.
So far, Amazon have not announced a showrunner, any casting or any writers for the new project. Originally it seemed that Amazon wanted the show to air to help combat the expect major launch of the new Disney/Fox streaming service in late 2019, which will be propelled by the first-ever Star Wars live-action show, but that now looks impossible, so LotR will likely not air until 2020 at the earliest.