In what can only be considered the best news possible for The Hobbit and Middle Earth fans worldwide - outside of Peter Jackson agreeing to direct the film - New Line Cinema, MGM and writer/producer/director Jackson have set aside their differences and will join forces to make two films based on J R R Tolkien's The Hobbit. MGM Jackson and New Line Cinema have also settled their litigation, thanks in large part to MGM executives helping with the negotiation process.
A joint press release issued by the studios and Peter Jackson's Wingnut Films made public the terms of the deal:
- Peter Jackson and Fran Walsh will executive produce both movies;
- The Hobbit and its sequel will be shot simultaneously, with principal photography expected to begin in 2009;
- MGM and New Line will co-finance the films with New Line responsible for North American distribution and MGM handling international distribution;
- The studios are hoping for a 2010 release date for The Hobbit and 2011 for its sequel.
Oscar-winning writer/director Peter Jackson will help oversee the project but will not be directing either film due to his busy schedule. Jackson was quoted as saying, “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.”
MGM Chairman and CEO Harry Sloan stated in the press release, "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. 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."
New Line Co-Chairman and Co-CEO Bob Shaye has been very vocal about his differences with Lord of the Rings director Jackson since Jackson sought legal help obtaining financial information on the Lord of the Rings trilogy. Now that their differences, as well as the litigation, have been set aside, Shaye stated, "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.”
Source: MGM, New Line Cinema, and Peter Jackson/Wingnut Films
