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Peter Jackson, Fran Walsh and Philippa Boyens have officially singed on to the Hobbit film and its eventual sequel with director Guillermo del Toro.

The announcement, from exec producers Jackson and Walsh just came four months after Del Toro was confirmed to helm both the projects.

The three scriptwriters signed on had penned the scripts for the Lord of The Rings. The eventual third film won 11 oscars including their wins as well.

The production of the movies is all set to start only by the end of the next year so there is surely going to be a gap of a year between the two films.

The casting of both of the films has not been announced yet. But the films will be a prequel to the Lord of The Rings franchise. The first film will be about a young Billo Baggins swept off by the wizard Gandalf to recover a lost treasure. The sequel deals with the 60-year period between “The Hobbit” and “The Fellowship of the Ring,” the first of the “Lord of the Rings” trilogy.

Warner Bros. subsidiary New Line is over seeing the development and will manage production. Both the films are being produced and co financed by New Line and MGM, with Warner distributing it in America while MGM will distribute it internationally. The film is sure going to be something judging from the entry of Peter Jackson.