Independent production company New Line Cinema has given the green light to the proposed budget for The Lord of The Rings. New Line has earmarked $190m for the film, the second biggest budget ever after Titanic. Lord of the Rings is already in pre-production on location in New Zealand, with work on the first part of the trilogy, The Fellowship of the Ring, already underway with Peter Jackson directing. Confirmed cast members include Elijah Wood as Frodo Baggins and Sean Astin (The Goonies, Bulworth) as Frodo
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