They're taking the hobbits to Amazon!

After it was announced that a Lord of the Rings series was in the works, we now know the series has a found a home on the streaming platform. According to Deadline, Amazon has acquired the TV rights for the series with a multi-season commitment. The deal also comes with the option for a potential spin-off.

Amazon Studios is teaming up with Tolkien's family estate, HarperCollins and New Line Cinema, a division of Warner Bros. Entertainment, to produce the untitled project. The series will take place before Frodo comes across the One Ring in Fellowship of the Ring, but most likely after Bilbo's adventures with dwarves and dragons in The Hobbit.

Lord of the Rings was previously adapted into a film trilogy directed by Peter Jackson and starring Elijah Wood, Viggo Mortensen, Sean Astin and Orlando Bloom. Jackson also turned The Hobbit, which takes place before the events in LOTR, into another trilogy starring Martin Freeman and Luke Evans.

A Lord of the Rings TV Show Is in the Works

Tolkien's famed fantasy story was also adapted into a 1978 animated TV movie featuring the voices of John Hurt, Anthony Daniels and others.

The news comes after Warner Bros. prepares to settle an $80 million lawsuit with Tolkien's estate over profits from Jackson's film adaptations.

Elijah Wood, Lord of the Rings: The Fellowship of the RingElijah Wood, Lord of the Rings: The Fellowship of the Ring