The long-awaited movies based on JRR Tolkien”s ‘The Hobbit’ have been given the green light.
Peter Jackson will begin filming the prequel of ‘Lord of the Rings’ next year with an estimated budget of 500 million dollars.

The announcement was formally made by New Line Cinema — which bankrolled The Lord of the Rings’ — and its parent company Warner Bros after weeks of speculation and reports of industrial unrest.

The Hobbit will be filmed in two parts amid the uncertainty of it’s shooting location, reports The Dominion Post.

“Exploring Tolkien”s Middle-earth goes way beyond a normal film making experience, It”s an all-immersive journey into a very special place of imagination, beauty and drama,” News.com.au quoted Jackson as saying.

“We”re looking forward to re-entering this wondrous world with Gandalf and Bilbo –and our friends at New Line Cinema, Warner Brothers and MGM,” he concluded.

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