Peter Jackson, the director whose vision brought "The Lord of the Rings" back into international view and launched a resurgence of epic fantasy films, has made good with New Line Cinema and Metro-Goldwyn-Mayer Studios at last.  Reuters reports that Jackson will executive produce not one but two films based on J.R.R. Tolkien's The Hobbit, although the hunt is on for a director due to Jackson's other directorial commitments.

MGM Chairman Harry Sloan said, "He can't get it scheduled and he doesn't want the fans to have to wait for the next two movies."

Jackson's managed Ken Kamins added, "Peter won't be directing because he felt the fans have waited long enough for 'The Hobbit.' It will take the better part of every day of the next four years to write, direct and produce two 'Hobbit' films. Given his current obligations to both 'The Lovely Bones' and 'Tintin,' waiting for Peter [Jackson], Fran [Walsh], and Phillippa [Boyens] to write, direct and produce 'The Hobbit' would require the fans wait even longer."

Both films will be shot in New Zealand, just like "Lord of the Rings."  Already locations are being scouted and actors from the previous films, such as Ian McKellen, are being courted to return to their roles.  The first film is going to be an adaptation of the novel, while the second will be a Jackson and company-penned bridge between "Hobbit" and "Lord of the Rings."

(Additional Sources: The Hobbit Blog, Entertainment Weekly, Hollywood Insider)