The cinematic world let out a collective sigh of relief on Wednesday, as the internet was abuzz with positive reviews following an exclusive exhibitor screening of "The Lord of the Rings." Theater owners and distributors alike expressed their satisfaction with the film, which has been a long-awaited project for New Line Cinema.

David Tuckerman, New Line's distribution president, shared his excitement: "We’ve had our fingers crossed for two years. The exhibitors are as happy with the film as we are."

Despite being a $270 million, star-studded adaptation of a beloved bestseller, "The Lord of the Rings" has always been seen as an underdog. This perception is partly due to the immense success of "Harry Potter and the Sorcerer's Stone," a film from sister company Warner Bros., which set unprecedented box office records.

The global release of "The Fellowship of the Ring" on December 19 will be a critical test for New Line. The movie's performance will determine whether the studio can maintain its standing within the AOL Time Warner empire and justify its continued existence as a semi-independent entity.

However, the path to success is fraught with challenges:

• New Line has opted for a day-and-date international release, using a network of independent distributors. This approach, more common for action films, is uncharted territory for an event picture like "The Lord of the Rings."
• While J.R.R. Tolkien's work has sold over 100 million copies, it appeals to a broader and older demographic than "Harry Potter." Educating the core youth audience about the setting and characters will be essential.
• New Line has faced a series of flops in recent years, and the company's future may hinge on the blockbuster success of this ambitious project.

The differences between "Harry Potter" and "The Lord of the Rings" are significant. "Harry Potter" is a merchandising powerhouse, aimed at faithfully adapting J.K. Rowling's vision. In contrast, "The Lord of the Rings" is the culmination of Peter Jackson's six-year obsession, positioning him as a visionary filmmaker.

On a business level, Warner Bros. greenlit "Harry Potter" after the AOL-Time Warner merger, while New Line's "Rings" project was inherited. New Line funded 65% of "Rings" through foreign pre-sales, reducing the parent company's risk but also its potential profit.

AOL Time Warner is leveraging its synergistic power to support "Fellowship." The trailer aired during the WB's "Angel," and AOL is promoting the brand across various platforms. Warner Bros. Records is also releasing the soundtrack.

New Line and its foreign partners are pouring their passion and resources into the project. Russell Schwartz, New Line's domestic marketing president, confirmed that the promotional budget for "Fellowship" is on par with other major holiday releases like "Harry Potter" and "Ocean's Eleven."

To introduce the characters to a wider audience, New Line has partnered with over 40 licensed products, including video games, toys, and even swords. Tie-ins with companies like Burger King, JVC, Barnes & Noble, and General Mills aim to boost the film's reach.

Victor Hadida of Metropolitan, the French distributor, highlighted the extensive effort required: "It has involved three times as much work as any other film we've released." The company has committed $5 million to promotion, twice what they spent on the hit "Brotherhood of the Wolf."

In some countries, local distributors are more powerful than major studios. For example, Medusa in Italy and Village Roadshow in Australia, which also distributes Warner Bros. films, are key players.

Early signs are promising, with Rolling Stone's Peter Travers calling it the best film of the year and Swedish fans lining up for days to secure advance tickets. However, the true test will come in the weeks ahead.

Russell Schwartz emphasized the team's determination: "Our people are hungrier, they have a lot to prove, and they have to find a way to make this work."

Like Frodo Baggins, the ultimate underdog who triumphs in the end, New Line hopes to follow in his footsteps and achieve cinematic victory.

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