From Ain’t It Cool News.:

Word is flying fast & furious: Team Jackson, New Line, and MGM have made nice and are gearing up to launch 2 HOBBIT movies.

One will be an adaptaion of J.R.R. Tolkien’s THE HOBBIT. The second project is believed to be a bridge between THE HOBBIT and THE LORD OF THE RINGS trilogy – culled from the titanic amount of periphery/ancillary/notated material found in Tolkien’s works. Such material can already be seen in the exiting films.

Yeah baby! I’ve been hoping for this. Finally, something to look forward to at the movies!