A movie called Squid Game but it's about the LOTR watcher in the water

A movie called Squid Game but it's about the LOTR watcher in the water, directed by Wes Anderson.

Spoiler alert.

The Watcher is ancient, ruthless, yet charismatic squid living at the gates of the dwarvish kingdom, terrorizing all who dare to enter. In the opening scenes we learn that he's asked Bill the pony to take over his business. Gradually he becomes reconciled to the rag tag gang of dwarves living in khazad dum and on his death bed he's honored as king under the mountain.