MY PRECIOUS!

I just saw, via Propeller, that Peter Jackson has signed on to produce The Hobbit.

Director Peter Jackson, New Line Cinema and Metro-Goldwyn-Mayer Studios Inc said on Tuesday they have agreed to make two movies based on the book "The Hobbit" by J.R.R. Tolkien, ending months of legal wrangling.

Jackson, the director of the smash hit "Lord of the Rings" movies, and producer Fran Walsh will executive produce both a "Hobbit" movie and a sequel, but no decision has been made about who will direct the films, Bob Shaye and Michael Lynne, co-chairmen and co-CEOs of New Line told Reuters.

The good news is, it's going to take two whole films to contain its awesomeness. The (potential) bad news is, he won't be directing. That's offset by the (potential) good news that it will make its way into theaters before 2011.

King Kong showed that Peter Jackson isn't infallible, but it's clear that he loves and respects Tolkien's work, so I'm sure I'm not the only geek who would be willing to wait until 2011 or 2012 if that's what it takes to get someone who loves it as much as we do behind the camera. I mean, we've waited for decades for this; what's a few more years to get it right?