Peter Jackson to make Hobbit movie after settling Ring dispute

Los Angeles - Peter Jackson, the creator of the record- breaking Lord of the Rings movie trilogy, is to executive produce two Hobbit movies after settling a 100-million-dollar lawsuit with film studio New Line, the studio said Tuesday. Director Peter Jackson, seen holding the armiture from the original King Kong movie, arrives for the premiere of

Director Peter Jackson, seen holding the armiture from the original King Kong movie, arrives for the premiere of "King Kong" in Times Square, New York, Monday, 05 December 2005. Peter Jackson, the creator of the record- breaking Lord of the Rings movie trilogy, is to executive produce two Hobbit movies after settling a 100-million-dollar lawsuit with film studio New Line, the studio said Tuesday. EPA/JUSTIN LANEThe prequels will be based on the book of the same name by JR Tolkien and will revolve around Bilbo Baggins before he embarks on the Lord of the Rings quest. The films will be shot simultaneously in 2009 and will be released in 2010 and 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,' Jackson said in a statement. 'We are delighted to continue our journey through Middle Earth.' It's unclear whether Jackson will direct either of the two movies, with the New Line statement saying he and Fran Walsh, his wife and co-producer on the 'Rings' trilogy, will act as executive producer and 'manage the production' of Hobbit. The couple sued New Line in 2005, claiming the studio cooked the books and seriously shortchanged the couple for a franchise that earned 3 billion dollars at the worldwide box office and captured 17 Academy Awards, including an 11-category sweep for 2003's Return of the King, the last in the series and the Oscar winner for best picture. '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 Harry Sloan, the chairman of MGM, which owns the distribution rights to the film. © 2007 dpa - Deutsche Presse-Agentur