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Prior to scoring a multi-season commitment on Amazon, "The Lord of the Rings" TV series was pitched to several other networks such as HBO and Netflix. HBO, which is the home of popular medieval series "Game of Thrones", recently explained why it passed on New Line's upcoming project based on hit novels by J.R.R. Tolkien.

While at Business Insider's Ignition 2017 media conference on Wednesday, November 29 in New York, HBO's CEO Richard Peppler revealed that the network wasn't interested in the TV adaptation of "The Lord of the Rings" for it already has a big-budget fantasy fanchise of its own, "Game of Thrones." In addition, the network is currently developing give separate prequel series of "Game of Thrones".

"I'd rather own our IP [intellectual property] 100|percent|… and I'd rather have the ability to work with a product that is inextricably linked to our brand," Peppler said.

When asked about Amazon's nearly $250 million deal for the project, the HBO boss responded, "If I'm Jeff Bezos, that's Monopoly money."

Amazon announced last month that it acquired global TV rights to "The Lord of the Rings". " 'The Lord of the Rings' is a cultural phenomenon that has captured the imagination of generations of fans through literature and the big screen," said Sharon Tal Yguado, Amazon's new head of scripted. "We are honored to be working with the Tolkien Estate and Trust, HarperCollins and New Line on this exciting collaboration for television and are thrilled to be taking the 'Lord of the Rings' fans on a new epic journey in Middle Earth."

Set in Middle Earth, the upcoming TV series will explore new storylines preceding Tolkien's "The Fellowship of the Ring". However, it was reported that the rights holders imposed some creative restrictions on what could be done and what couldn't be done on the planned TV project.