Guillermo del Toro, director of the stunning Pan's Labyrinth, has been confirmed as director for The Hobbit, plus the other related movie ("an original story focusing on the 60 years between the book and the beginning of the Rings trilogy").
Personally I'm delighted with this announcement, as del Toro is a fantasy man through-and-through and is a fantastic director and film-maker. I have absolutely no doubt that he will deliver a wonderful Hobbit film.
Peter Jackson however will also be involved in the project, acting as producer. Like the LOTR movies, these two films will be shot in New Zealand and will made back-to-back.
Expect Ian McKellan to reprise his role as Gandalf.
The other bit of good news is that the films should be released in 2010 and 2011, so not long to wait!
Check out the BBC article here!