According to TheOneRing.net, a fan-made J. R. R. Tolkien web site, New Line Cinema as well as MGM are on board with Peter Jackson to produce two “Hobbit” films and share world-wide distribution rights. Both films will be based on Tolkien’s book The Hobbit, precursor to the Lord of the Rings trilogy whose movie adaptations won Jackson several awards and much laud in the film and science fiction fan communities.
Both films are currently due to begin filming and production in 2009, with the first having an expected release date of 2010 and its sequel the following year in 2011. This is a substantial decrease over the 9 or so years spent with off and on filming on the LoTR trilogy.
There is no official word yet on who the director of these two films will be, or cast possibilities. But I’m sure if you keep your ear to the proverbial ground, you’ll read about it as soon as any leaks are posted on any of the fan sites. Also keep your eye on IMDB (The Internet Movie Database) – as data becomes official it’ll likely be posted there.