Here is the official press release from The OneRing.net:
December 18, 2007
ACADEMY AWARD-WINNER PETER JACKSON AND NEW LINE CINEMA JOIN WITH MGM TO PRODUCE “THE HOBBIT,” EAGERLY-ANTICIPATED FANTASY ADVENTURE EPIC
NEW LINE AND MGM TO CO-PRODUCE AND SHARE WORLDWIDE DISTRIBUTION RIGHTS
PETER JACKSON AND FRAN WALSH TO EXECUTIVE PRODUCE TWO FILMS BASED ON “THE HOBBIT”
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.”
“Peter Jackson has proven himself as the filmmaker who can bring the extraordinary imagination of Tolkien to life and we full heartedly agree with the fans worldwide who know he should be making ‘The Hobbit,’” said Sloan, MGM’s Chairman and CEO. “Now that we are all in agreement on ‘The Hobbit,’ we can focus on assembling the production team that will capture this phenomenal tale on film.”
Bob Shaye, New Line Co-Chairman and Co-CEO comments, “We are very pleased we have been able to resolve our differences, and that Peter and Fran will be actively and creatively involved with ‘The Hobbit’ movies. We know they will bring the same passion, care and talent to these films that they so ably accomplished with ‘The Lord of the Rings’ Trilogy.”
“Peter is a visionary filmmaker, and he broke new ground with ‘The Lord of the Rings,’” notes Michael Lynne, New Line Co-Chairman and Co-CEO. “We’re delighted he’s back for ‘The Hobbit’ films and that the Tolkien saga will continue with his imprint. We greatly appreciate the efforts of Harry Sloan, who has been instrumental in helping us reach our new accord.”
The two “Hobbit” films – “The Hobbit” and its sequel – are scheduled to be shot simultaneously, with pre-production beginning as soon as possible. Principal photography is tentatively set for a 2009 start, with the intention of “The Hobbit” release slated for 2010 and its sequel the following year, in 2011.
The Oscar-winning, critically-acclaimed LOTR Trilogy grossed nearly $3 billion worldwide at the box-office. In 2003, “Return of the King” swept the Academy Awards, winning all of the eleven categories in which it was nominated, including Best Picture – the first ever Best Picture win for a fantasy film. The Trilogy’s production was also unprecedented at the time.
Obviously the two big questions are:
- Who will direct it if Jackson is only producing?
- Why did New Line and Jackson patch things up now?
The likely candidate for the director’s chair would appear to be Sam Raimi or a director of similar pedigree.
But what of the timing of all this? I’m guessing Bob Shaye and New Line looked in horror at how The Golden Compass performed over the last two weeks in the US and wanted to ressurect a guaranteed money spinner as soon as possible.
We should note that the Philip Pullman adaptation has raked in over $90 million internationally, but given that it cost around $180 million and New Line pre-sold the foreign rights they will make less profit than they hoped for. (Though part of me does hope they film the next two parts – why not do them back-to-back and have a second bite at the cherry?)
Despite all the rancour over Jackson’s lawsuit I guess money talks and this detente makes creative and business sense for both parties.
New Line need another blockbuster and Jackson would be keen to have a guiding hand in The Hobbit film given the years and effort he put into bringing The Lord of the Rings trilogy to the screen.
Whatever the reasons this can only be good news for Tolkien fans and those – including me – who loved what Jackson brought to the screen with his remarkable trilogy of films.
> Find out more about original novel of The Hobitt at Wikipedia
> Keep up to date on The Hobbit film at their blog.