Peter Jackson to Produce "The Hobbit"

Peter Jackson, director of the Lord of the Rings trilogy, has signed on as executive producer for two movies based on "The Hobbit," J.R.R. Tolkien's prequel to the LOTR.

Jackson had been fighting the LOTR producers, New Line Cinema, over profits from the trilogy, but they've apparently kissed and made up. They're looking for a director for the "Hobbit."

The AP says "two "Hobbit" films are scheduled to be shot simultaneously, similar to how the three 'Lord of the Rings' films were made. Production is set to begin in 2009 with a released planned for 2010, with the sequel scheduled for a 2011 release."