The Hobbit - prequel to Lord Of the Rings
Filming on The Hobbit is set to begin in February after it was finally given the go-ahead by film studio bosses.
Warner Bros also announced that Peter Jackson, who directed the Oscar-winning Lord of the Rings trilogy, would helm the two-part prequel.
The films, based on JRR Tolkien's book, had been delayed for months due to MGM Studios' - which owns half the project - ongoing financial woes.
No release dates for the movies have been given.
According to industry paper Hollywood Reporter, Warner Bros and MGM reached a deal allowing MGM to cover its half of the production, estimated to cost a total of $500m (£313m).
Jackson, who co-wrote the screenplays and is also producing the films, originally hired Mexican-born Guillermo Del Toro to direct, but he pulled out in June citing almost two years of delays.
the LOTR trilogy and centers around the hobbit Bilbo Baggins and Gandalf hopefully it wont dissapoint
I've watched all series of LORD OF THE RINGS..I am excited to see the next one in making..