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]

Today, Sony Pictures announced that it had acquired all North American and all English-language distribution rights to Peter Jackson’s “secret” sci-fi movie, District 9. The Academy Award winning director and friend to elves, hobbits and any and all demi-humans everywhere, however, will not direct the feature. He will, instead, act as producer through his WingNut Films and Neill Blomkamp will direct. It’s Blomkamp’s feature debut, and he also wrote the film alongside Terri Tatchell. Blomkamp’s previous work includes short films for the Halo 3 launch, titled Landfall, and he’s also been attached to the forthcoming Halo film, which is now in pre-production.

Sony Pictures, understandably, is stoked.

“We have seen some of Neil’s enormously creative work launching Halo 3 and he is a true talent who understands how to use visual effects in full service of the story. With Peter Jackson and his team at WETA workshop working with Neil, we believe District 9 can be a true event tentpole on our release slate,” said Amy Pascal, Co-Chairman of Sony Pictures Entertainment

Should you be stoked? I guess. It’s a little tough to get too worked up about a movie you don’t know anything about, but I’d probably watch someone take a dump if Peter Jackson’s name was attached to it. The film begins shooting in South Africa in Spring 2008, and those involved are being pretty tight-lipped about the plot. Expect to read a lot of half-truths and rumors to flooding a nerd-centric message board near you.