It’s Bilbo Time

Peter Jackson will be making two Hobbit movies!!
Unfortunately, the first one will not be out by Christmas 2008:

But a settlement announced on Tuesday between Peter Jackson and New Line Cinema holds the promise that peace will break out in Middle Earth and that fans could see the first of two resulting movies by December 2010.

Yikes, we have to wait that long. Surely Jackson could have been kind to us and been working on the first one on his own while negotiating with New Line.
The first one will be based on The Hobbit. The second will be based on….well, maybe they are just going to make it all up.

Via The Volokh Conspiracy.