In other Hobbit news, it looks like the movie will be a two- parter.
New Line added that it and Jackson have settled all litigation over Jackson's profit participation in the $3 billion-grossing Rings trilogy, without giving details. The settlement apparently brings to an end the acrimonious split between Jackson and New Line.
Jackson and Fran Walsh will executive-produce the films, to be shot simultaneously, and New Line will manage their production.
Preproduction will begin soon, and principal photography is tentatively set for 2009. The release of the first film is slated for 2010 and the sequel in 2011.