Peter Jackson, Fran Walsh and Philippa Boyens on ‘The Hobbit’

It is official. Peter Jackson, Fran Walsh and Philippa Boyens have signed on to work on the screenplay for "The Hobbit" and its planned sequel with Hellboy director Guillermo del Toro. Peter Jackson - King Kong New York World Premiere - Inside Arrivals - Loew's E-Walk and AMC Empire 25 - New York, NY © Janet Mayer / Photorazzi

Peter Jackson - King Kong New York World Premiere - Inside Arrivals - Loew's E-Walk and AMC Empire 25 - New York, NY © Janet Mayer / PhotorazziVariety reports the official announcement came from executive producers Jackson and Walsh and New Line president Toby Emmerich. Del Toro signed on to direct both films four months ago.

Jackson, Walsh and Boyens collaborated on the three screenplay adaptations of J.R.R. Tolkein’s "The Lord of the Rings," and won an Oscar for their adapted screenplay of "The Return of the King."The film is scheduled to start production tentatively in late 2009, with the two films planned to be released in 2011 and 2012.Del Toro has signed to direct both films back to back. The first film will follow a young Bilbo Baggins on an adventure with Gandalf to retrieve a lost treasure. The follow-up film will handle the 60 years between "The Hobbit" and "The Fellowship of the Ring" – the first part of the "Lord of the Rings" trilogy. New Line (a Warner Bros. susbisdiary) is set to oversee the development of the films and is managing the production. Both films are co-produced and co-financed by New Line and MGM. Warner will distribute the films domestically with MGM handling international distribution.