Peter Jackson's 'Hobbit' Back on Track

Zap2It.com | December 18, 2007

Peter Jackson

'Lord of the Rings' director makes nice with New Line and will produce

MGM and New Line have reached an agreement to bring "The Hobbit" and a sequel to the big screen with Peter Jackson attached as an executive producer.

The studios announced their pact on Tuesday (Dec. 18). As part of the process, Jackson and New Line have settled their increasingly contentious litigation over the profits from the "Lord of the Rings" franchise.

Under the new deal, MGM and New Line will co-finance "The Hobbit" and its sequel, with MGM handling international distribution and New Line distributing the film internationally.

Jackson and Fran Walsh will executive produce the two films, which will go into preproduction as soon as possible. The adventures of Bilbo Baggins, Gandalf and a variety of elves, dragons and orcs will tentatively be ready to begin production simultaneously starting in 2009. The plan would be to release the movies in 2010 and then 2011.

In the press release stemming from the deal, everybody seems mighty happy.

"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 says. "'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."

New Line Co-Chairman and Co-CEO, whose harsh words about Jackson to the press may have been tempered by a number of recent box office disappointments for the company adds, "We are very pleased we have been able to resolve our differences, and that Peter and Fran will be actively and creatively involved with 'The Hobbit' movies. We know they will bring the same passion, care and talent to these films that they so ably accomplished with 'The Lord of the Rings' trilogy."

The "Lord of the Rings" trilogy grossed nearly $3 billion worldwide, culminating in an 11-Oscar haul for "Return of the King."