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.

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."