Through Tolkien Enterprises, now Middle-earth Enterprises, Saul Zaentz owned the worldwide film, stage, and merchandise rights to J. R. R. Tolkien's The Hobbit and The Lord of the Rings.[15] It also includes "matching rights" should Tolkien's estate film The Silmarillion or The Unfinished Tales of Numenor and Middle-Earth.[16] What it did not include was the rights for televisions shows (for any show longer than eight episodes).[16]
In 1976, Zaentz acquired certain rights as regards The Lord of the Rings and The Hobbit from United Artists, who had in turn purchased them directly from Tolkien eight years prior. In 1978, Zaentz produced an animated version of The Lord of the Rings, written chiefly by Peter S. Beagle and directed by animator Ralph Bakshi.
Tolkien Enterprises granted an exclusive tabletop game license to company Iron Crown Enterprises in 1982, which was the largest such license in the industry up to that time.[17]
Eight years after his death, Zaentz Co. decided to sell The Hobbit and The Lord of the Rings rights.[16]
On 18th August 2022, Embracer Group announced that it had entered into an agreement to purchase Middle-earth Enterprises from The Saul Zaentz Company. [18]