Finally! Peter Jackson and New Line have resolved their differences over Jackson's share of the $3 billion in gross receipts that the Lord of the Rings trilogy took in, and Jackson will serve as executive producer of the two-film adaptation of J.R.R. Tolkien's novel, The Hobbit.

Jackson's hectic schedule prohibited him from taking on writing or directing duties for the new Tolkien adaptation, but he will keep creative control over both films as EP. Sources told The Hollywood Reporter that Jackson will be directly involved in the creative process for both films.

Preproduction is set to begin in January, and principal photography is currently schedulefd for 2009. An estimated production budget of $150 million has been established for each film. The two films will be shot simultaneously, with the first film scheduled for release in 2010 and the follow-up for the following year.

New Line will handle North American distribution, while MGM will handle international distribution.

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