Peter Jackson and New Line Cinema have reached agreement to make J.R.R. Tolkien's "The Hobbit," a planned prequel to the blockbuster trilogy "The Lord of the Rings."  Jackson, who directed the "Rings" trilogy, will serve as executive producer for "The Hobbit." A director for the prequel films has yet to be named.

Two "Hobbit" films are scheduled to be shot simultaneously, similar to how the three "Lord of the Rings" films were made. Production is set to begin in 2009 with a released planned for 2010, with the sequel scheduled for a 2011 release.

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