Anyone who is a "Lord of the Rings" fan has been wishing for this: That Peter Jackson would make up with New line Cinema, and both realize that there is another mountain of money just waiting to pour into their pockets, if they made a film based on LOTR's prequel novel, "The Hobbit".
It's based on hobbit Bilbo Baggins' adventures and the finding of the "one ring". The ring plays a key role, but the true story is about the transformation of Bilbo from comfortable hobbit to gutsy pseudo-outlaw.
Here are some excerpts from the press release:
* MGM and New Line will co-finance and co-distribute two films, “The Hobbit” and a sequel to “The Hobbit.” New Line will distribute in North America and MGM will distribute internationally.
* Peter Jackson and Fran Walsh will serve as Executive Producers of two films based on “The Hobbit.” New Line will manage the production of the films, which will be shot simultaneously.
* Peter Jackson and New Line have settled all litigation relating to the “Lord of the Rings” (LOTR) Trilogy.
Said Peter Jackson, “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. ‘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.”
“Peter Jackson has proven himself as the filmmaker who can bring the extraordinary imagination of Tolkien to life and we full heartedly agree with the fans worldwide who know he should be making ‘The Hobbit,’” said Sloan, MGM’s Chairman and CEO. “Now that we are all in agreement on ‘The Hobbit,’ we can focus on assembling the production team that will capture this phenomenal tale on film.”
Click on this map for a larger view:
You can read about it in full at "The Hobbit Blog".