"The Hobbit Movies"
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"Peter Jackson's The Hobbit" - 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 that they have entered into the following series of agreements:
J.R.R. Tolkien's "The Hobbit" is back on track and headed to the big screen.
New Line and Peter Jackson have resolved their differences over the filmmaker's profit participation in the $3 billion-grossing Lord of the Rings trilogy, paving the way for a two-film adaptation of Tolkien's children's masterpiece, "The Hobbit."
New Line and MGM, which holds "The Hobbit" feature rights, have pacted to co-finance and co-distribute the movies, with New Line handling North American and MGM international distribution.
The revelation came in the wake of a dreadful U.S. box office performance from another potential New Line franchise, The Golden Compass, which, in total, grossed less than $65 million domestically, leaving the possibility of two more "The Golden Compass" installments up in the air.
For MGM, the deal represents a personal coup for chairman and CEO Harry Sloan and is a first step in the Lion's attempt to diversify its theatrical reliance on the James Bond franchise.
Because of his packed schedule that includes The Lovely Bones and "Tintin," Jackson is not directing or writing the movies, but will executive produce with partner Fran Walsh. New Line will manage production.
Jackson decided not to take on writing and directing roles because with his other commitments, he figured that he would not be able to complete "The Hobbit" films until around 2015. Jackson didn't want to keep "The Hobbit" fan base waiting that long, and New Line and MGM knew that if they moved ahead on the project without Jackson's involvement, they risked alienating fans. As executive producer, Jackson will have approval over creative elements of both films.
Preproduction for "The Hobbit" movies began January 1, 2008 and principal photography for "The Hobbit" films, which will be shot simultaneously, is tentatively set for 2008. The production budget is estimated at $150 million per "Hobbit" film. The release of the first "The Hobbit" movie is slated for 2011 and "The Hobbit" movie sequel in 2012.
Guillermo DelToro will be living in New Zealand for the four years it takes to make both "The Hobbit" movies.
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.
"The Hobbit Movies"will be based on JRR Tolkien's The Hobbit book, which is the story of Bilbo Baggins, who is seen in Lord Of The Rings trilogy. "The Hobbit" follows Bilbo as he first encounters Gandalf. He is somewhat unwillingly swept off on an adventure to the lonely mountain to rid it of the dragon, Smaug. The dragon is guarding a treasure of enormous value that he had firstly taken from the dwarfs who once lived there. A major battle shortly, ensues.
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STARRING: Ian Holm
DIRECTOR: Guillermo Del Toro
STUDIO: New Line Cinema/MGM
RATING: PG-13 (For fantasy violence)
THEATER COUNT (Opening Weekend): TBD
RUNNING TIME:
3 hours, 45 minutes
TOTAL DOMESTIC BOX OFFICE: TBD
U.S. DVD RELEASE DATE: TBD
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