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A film version of The Hobbit will go ahead after its producers settled a multi million-pound lawsuit with the heirs of JRR Tolkien's estate.
The trustees sued New Line Cinema, the Hollywood studio behind the Lord of the Rings trilogy, for a reported $220 million (£133 million) after claiming it has failed to pay royalties due after the release of the films.
The suit, based on breach of contract and fraud, has now been settled for an undisclosed sum, paving the way for the release of The Hobbit in 2011.
A second film, drawing on other Tolkien works, will follow and both will be adapted by Peter Jackson and directed by Guillermo del Toro, the filmmaker behind Pan's Labyrinth and Hellboy.
Today Christopher Tolkien, the author's son, said the trustees were now happy for the films to be made.
“The trustees regret that legal action was necessary but are glad that this dispute has been settled on satisfactory terms that will allow the Tolkien Trust properly to pursue its charitable objectives,” he added.
The Tolkien Trust, a British charity which supports causes across the world, will be one of the main beneficiaries of the settlement.
Harper Collins Publishers Ltd, a publisher of Tolkien's works, joined trustees of the Tolkien estate in the lawsuit and will also receive a sum.
The legal action was started in February last year when the group claimed New Line, which made an estimated $6 billion (£3.26 billion) worldwide in ticket, DVDs and merchandise sales from the trilogy as well as winning 16 Oscars, had paid it nothing other than an upfront fee of $62,500 (£32,000).
They claimed the estate was entitled to 7.5 per cent of all profits made by any movies based on the former Oxford don's work.
The move threatened to block the release of any prequels.
But Alan Horn, president of the studio's parent company Warner Bros Entertainment, said the firm could now move forward.
He said: “We deeply value the contributions of the Tolkien novels to the success of our films and are pleased to have put this litigation behind us.”
“We all look forward to a mutually productive and beneficial relationship in the future,” he added.
Published in 1937, The Hobbit follows the story of Bilbo Baggins who goes on a treasure-seeking adventure and finds the ring.
It sets the stage for the Lord of the Rings trilogy with its epic tale of magic and warfare.
There has already been much speculation about who will be cast as the leading role and which cast members from the Lord of the Rings might return.
The film is widely expected to be a blockbuster hit and names already in the frame to play Bilbo have included Daniel Radcliffe, star of the Harry Potter films, James McAvoy, who is currently riding high after the success of Wanted and The Last King of Scotland, and the recently departed Dr Who, David Tennant.
Reader views (1)
Sounds like New Line are a wonderful company to have to deal with, they've been sued by both Peter Jackson and the Tolkien estate for failing to cough up monies owed, and they only made a piddling $6 billion from it.
- Bob, Cheam, 10/09/2009 09:49
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