TORONTO — Memo to producers of would-be blockbusters: Keep your outrageous production costs to yourselves. One would have thought that “Waterworld” was enough to teach everyone this basic lesson. Now we have “The Lord of the Rings,” the theatrical juggernaut that had its world premiere here Thursday, flaunting its $23-million price tag. Well, much as the theater may deplore its beer-budget conditions, a colossal bankroll is no guarantee of such legendary status — or, for that matter, a measly standing ovation, which noticeably failed to ignite after the reviewed performance Tuesday. [More]

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