Embracer Group, the Swedish gaming giant, has acquired Middle-earth Enterprises and now owns the rights to movies, video games, board games, merchandising, theme parks, and stage productions surrounding The Lord of the Rings and The Hobbit. As part of its announcement, Embracer said there is room to grow, specifically in the area of additional movies based on famous Lord of the Rings characters.

　　"Other opportunities include exploring additional movies based on iconic characters such as Gandalf, Aragorn, Gollum, Galadriel, Eowyn, and other characters from the literary works of J.R.R. Tolkien," Embracer said in its announcement.

　　Is an Aragorn movie coming up next?In addition to these potential films, Embracer said it looks forward to giving fans new ways to enjoy The Lord of the Rings via "merchandising and other experiences." There have been ongoing rumors of a Lord of the Rings theme park in Florida, but nothing has been confirmed as of yet.

　　Now that Embracer owns Middle-earth Enterprises, it has a financial stake in a number of upcoming projects, including Amazon's The Rings of Power series and the animated movie The Lord of the Rings: The War of the Rohirrim from Warner Bros. Embracer now also owns a piece of the mobile game The Lord of the Rings: Heroes of Middle-earth, which is in development at Electronic Arts.

　　The movie and video game rights to The Lord of the Rings went up for auction earlier this year, but few would have predicted Embracer would win the bidding. Embracer may not yet be a household name, but it is on the way to becoming one, as its stable of franchises continues to grow with Middle-earth Enterprises becoming perhaps its biggest buyout yet.

　　Embracer also recently acquired Limited Run Games, Tuxedo Labs, and Tripwire. In total, Embracer is paying SEK 8.2 billion ($786.5 million) for Middle-earth Enterprises and its other acquisitions announced today.

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　　For more, check out GameSpot's breakdown of everything you need to know about Embracer Group.