The oldest creator of the Teletubbies, Anne Wood, was born in December of 1937, the year that Tolkien started writing LoTR.

So, unless Anne started creating the Teletubbies just after conception, it’s hard to see just how you’d come to that conclusion.

That said, the opposite might well be true, the Teletubbies are a derivative work of the LoTR, but that’s for Tolkien’s estate to pursue.

Lembas bread = Tubby Toast?

Ha ha… Tinkie! Po! Other bastard! How are you doing, eh?

I-instance name checks out?