"The Hobbit" to Begin Shooting in February 2011

Ian Holm as the hobbit Bilbo Baggins in "The Lord of the Rings: The Fellowship of the Ring." New Line Cinema

Peter Jackson will indeed direct a film version of J.R.R. Tolkein's "The Hobbit." New Line Cinema, Warner Bros., and MGM made the joint announcement. Read it here.

Make that two films. Entertainment Weekly reports the movie will be released in two installments to be filmed back-to-back. Shooting (in 3D!) is scheduled to begin in February 2011.

Jackson directed the award-winning "Lord of the Rings" trilogy. His most recent film as director is the 2009 adaptation of Alice Sebold's novel "The Lovely Bones."

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