Two Hobbit movies are officially becoming three as Peter Jackson and his many Hollywood backers have finalized plans to produce a third movie based on the classic fantasy book and release it in the summer of 2014.
Talks had been going on for the past several weeks between Warner Bros.' New Line Cinema, Metro-Goldwyn-Mayer, various rights holders, and the principal cast after it became clear that director Jackson wanted to produce three films rather than the planned two.
The cast will include many actors from Jackson's successful The Lord of the Rings films, including Martin Freeman, Richard Armitage, Ian McKellen, Cate Blanchett and Elijah Wood.
The first two films are planned as December 2012 and 2013 releases.
The Hobbit is a prelude to The Lord of the Rings, taking place 60 years before the events of those three volumes and films.
