Yay for Tolkein Geeks Everywhere!

"Precious" News

NEW YORK (AP) -- Peter Jackson and New Line Cinema have reached agreement to make J.R.R. Tolkien's The Hobbit, a planned prequel to the blockbuster trilogy The Lord of the Rings.

Peter Jackson is set to oversee the film adaptation of The Hobbit.

Jackson, who directed the Rings trilogy, will serve as executive producer for The Hobbit. A director for the prequel films has yet to be named.

Relations between Jackson and New Line had soured after Rings, despite a collective worldwide box office gross of nearly $3 billion -- an enormous success. The two sides nevertheless were able to reconcile, with Metro-Goldwyn-Mayer Studios (MGM) splitting The Hobbit 50/50, spokemen for both studios said Tuesday.

"I'm very pleased that we've been able to put our differences behind us, so that we may begin a new chapter with our old friends at New Line," Jackson said in a statement. "We are delighted to continue our journey through Middle Earth."

Two Hobbit films are scheduled to be shot simultaneously, similar to how the three Lord of the Rings films were made. Production is set to begin in 2009 with a released planned for 2010, with the sequel scheduled for a 2011 release.

Doug's Comments:

I'm a total LOTR geek. I loved the films. Jackson and New Line have been fighting for years over DVD profits from the trilogy and it seemed that their irreconcilable differences were going to de-rail The Hobbit. Apparently not! I hope Jackson decides to direct it himself. And I hope they get Andy Serkis to reprise his role as Gollum. Though I doubt they'll use Ian Holm as Bilbo Baggins as they did in LOTR. He'd be more than a bit too old to play Bilbo in this film. Can't freakin wait!