Warner Bros. Pictures and New Line Cinema are going to develop more Lord of the Rings movies based on author J. R. R. Tolkien’s works, according to entertainment magazine Deadline.

The move was announced on Thursday by Warner Bros. Discovery CEO David Zaslav during the earnings call. He said the newly-appointed studio leaders, Mike De Luca and Pam Abdy, recently brokered a multiyear deal with Swedish gaming giant Embracer Group, which holds the film rights to the property. The deal allows Warner Bros. Discovery to develop multiple feature films based on J.R.R. Tolkien’s Lord of the Rings and The Hobbit books.

Filmmaker Peter Jackson’s original The Lord of the Rings trilogy garnered 17 Oscars, including 11 in 2004 for The Lord of the Rings: The Return of the King, tying the record for a single film with Titanic and Ben-Hur. Jackson then created another trilogy of films based on The Hobbit and they also went on to become worldwide blockbusters.

Amazon owns the streaming rights to Lord of the Rings and already produced a single season of a new show — Lord of the Rings: The Rings of Power — in 2022 based on Tolkien's works.