Geeking out over here, but after much legal saber-rattling and general fooling around, New Line and MGM have signed a deal with director Peter Jackson to do two (!) new movies based on J.R.R. Tolkien’s classic book The Hobbit.
New Line Cinema, a division of Time Warner Inc. said Tuesday that it has signed on Peter Jackson, director of the award-winning “Lord Of The Rings” film series, to direct two films based on “The Hobbit,” a prequel to the “Rings” trilogy. Metro-Goldwyn-Mayer, partially owned by Sony Corp. will co-produce the films. The agreement comes after a dispute between Jackson and New Line over the director’s cut of the profits from “Rings,” which grossed a collective $2.9 billion and won 17 Academy Awards.