This just in: A press release has been issued with regards to the long-anticipated big-screen adaptation of The Hobbit, and it looks like Peter Jackson will indeed be involved as an executive producer on both The Hobbit and a sequel. Both films will be shot simultaneously, with pre-production beginning as soon as possible. Right now the tentative release for The Hobbit is 2010, with the sequel coming in 2011. Here's a bit of the press release:

Los Angeles, CA (Tuesday, December 18, 2007) Academy Award-winning filmmaker Peter Jackson; Harry Sloan, Chairman and CEO, Metro-Goldwyn-Mayer Studios Inc. (MGM); Bob Shaye and Michael Lynne, Co-Chairmen and Co-CEOs of New Line Cinema have jointly announced today that they have entered into the following series of agreements:

* MGM and New Line will co-finance and co-distribute two films, "The Hobbit" and a sequel to "The Hobbit." New Line will distribute in North America and MGM will distribute internationally.

* Peter Jackson and Fran Walsh will serve as Executive Producers of two films based on "The Hobbit." New Line will manage the production of the films, which will be shot simultaneously.

* Peter Jackson and New Line have settled all litigation relating to the "Lord of the Rings" (LOTR) Trilogy.

Said Peter Jackson, "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. 'The Lord of the Rings' is a legacy we proudly share with Bob and Michael, and together, we share that legacy with millions of loyal fans all over the world. We are delighted to continue our journey through Middle Earth. I also want to thank Harry Sloan and our new friends at MGM for helping us find the common ground necessary to continue that journey."

Read the rest after the jump ... and let us know what you think! The Hobbit is coming ... finally!

[via The HobbitBlog and JoBlo]

categories Movies, Cinematical