‘Lord of the Rings’ and ‘Tomb Raider’ To Be Spun off Under New Company After Embracer Chair Calls Its IP ‘Among The Most Undervalued in the Industry’

“Lord of the Rings” owner Embracer is set to spin the Tolkien IP as well as other legacy properties such as “Tomb Raider” into a separate holding company, Fellowship Entertainment, with chair Lars Wingefors calling its assets “among the most undervalued in the industry.”

Fellowship Entertainment is set to be listed on Nasdaq Stockholm in 2027 to time with the company’s “notably stronger product pipeline” that year.

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That pipeline includes Prime Video’s adaptation of “Tomb Raider,” starring Sophie Turner, which is slated for release in “early” 2027 while the Warner Bros.-produced, Andy Serkis-directed feature “The Lord of the Rings: The Hunt for Gollum” is set to open in theaters that December.

In a letter to shareholders, Wingefors explained that Fellowship Entertainment would be re-positioned as an “IP-led entertainment company” focusing on publishing, licensing and development of brands including “Lord of the Rings,” “The Hobbit,” “Tomb Raider,” “Kingdom Come: Deliverance” and more.

“I think the assets held by Fellowship Entertainment are among the most undervalued in the industry and I feel it’s my duty as the largest shareholder to change this and create a structure to realize their full potential,” Wingefors wrote in his letter.