‘The Hobbit’ going into production with Peter Jackson producing

J.R.R. Tolkien's "The Hobbit" is back on track and headed to the big screen.

New Line and Peter Jackson have resolved their differences over the filmmaker's profit participation in the $3 billion-grossing "Lord of the Rings" trilogy, paving the way for a two-film adaptation of Tolkien's children's masterpiece.

New Line and MGM, which holds the "Hobbit" feature rights, have pacted to co-finance and co-distribute the movies, with New Line handling North American and MGM international distribution.

Tuesday's announcement comes in the wake of a so-so performance from another potential New Line franchise, "The Golden Compass," which so far has only grossed $41 million domestically, leaving the possibility of two more installments up in the air.  

(Source: Hollywood Reporter)

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