In 1969 J.R.R. Tolkien sold the motion picture, merchandising, stage and other rights to The Hobbit, The Lord of the Rings and other literary works to United Artists. UA were riding high at the time with the success of In the Heat of the Night and The Graduate. Allegedly Tolkien made the deal to pay off a tax debt, although this may be apocryphal. He was paid £100,000 which is equivalent to £1,680,000 today. He also retained a 7.5% royalty interest that has now been transferred to the Tolkien Estate. UA toyed with the idea of adapting The Lord of the Rings and many cinematic luminaries were associated with the project. In the early seventies British film director John Boorman was tasked with writing a screenplay. Boorman, an established director with a track record of being experimental, set about developing a script with his long term collaborator, Rospo Pallenberg. However, the project was cancelled due to costs and the studio getting “cold feet”.