The article doesn't say but I suspect a huge chunk of that was paying the Tolkein estate for the rights. Apr 16, 10:36
if they are getting the budget from NZ in regards to the rebate, it won't include licensing {nm} Apr 16, 11:51
Not arguing that, the rebates could be on everything else. Apr 16, 18:17
keep in mind a lot of the production costs are items that are used for future seasons (set building, costumes, props). Image having to build Apr 16, 20:20
it usually comes down to who was minding the store! I know from working with their film team, no one was on that side. Apr 16, 21:13