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The answer is: Geeks.
New Line took a look at the Star Wars prequels and said, "My god. Those are so bad. _So_ bad. Yet the geeks line up to see them, repeatedly. They can't lose! We need to get us some of that. What else do geeks like? I know! The Lord of the Rings! Eh. Who cares if it'll suck? The geeks'll still go to see it."
Those may not have been the exact words, but it was probably something along those lines.
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