Jackson, New Line, MGM Set To Make "The Hobbit"

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Peter Jackson and New Line Cinema have kissed and made up in a big way. Together, along with MGM, they will begin working on two movies made from JRR Tolkien’s “The Hobbit”. New Line and Jackson hope to capitalize off of the large success gained from Jackson’s direction of the award-winning “Lord of the Rings” trilogy, also written by Tolkien.

MGM and New Line Cinema will co-finance the two movies, with New Line handling distribution in North America. MGM will distribute internationally. Jackson and Fran Walsh will executively produce both movies that will be shot simultaneously just as the “Lord of the Rings” movies were.

Principal photography is set to begin in 2009 for “The Hobbit” with intent to release the first movie in 2010 and the sequel in 2011.

"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,” said Peter Jackson. “'The Lord of the Rings' is a legacy we proudly share with Bob and Michael, and together, we share that legacy with millions of loyal fans all over the world. We are delighted to continue our journey through Middle Earth. I also want to thank Harry Sloan and our new friends at MGM for helping us find the common ground necessary to continue that journey."