Peter Jackson to Return to the Shire

Peter Jackson and New Line Cinema have worked out their differences, and the two will team up once again to bring the fantasy world of JRR Tolkien to the silver screen and make ridiculous amounts of money. Jackson (along with wife Fran Walsh) has signed on as executive producer to the big screen adaptation of The Hobbit. The deal is for two films that will be shot simultaneously starting in 2009 and released in 2010 and 2011 (assuming the world lasts that long) as a joint venture between New Line Cinema and MGM. However, it is not clear as to whether or not Jackson will direct either or both of the films.

In 2005, Jackson sued New Line over residuals from the Lord of the Rings trilogy, which grossed almost $3 billion worldwide. In the suit, Jackson claimed that his take of the profits had been undercut by as much as $100 million. However, the two parties have buried the hatchet, with the help of a few lawyers of course.

A representative said the dispute was resolved this week, but the studio did not reveal details of the pact. Earlier this year, it was reported that a judge had fined New Line for withholding information in the lawsuit.

“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,” Jackson said in a prepared statement. “We are delighted to continue our journey through Middle Earth.” [source]

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