Peter Jackson, lord of lore, had this to say:

“I’m very pleased that we’ve been able to put our differences behind us, so that we may begin a new chapter with our old friends at New Line. ‘The Lord of the Rings’ is a legacy we proudly share with Bob and Michael, and together, we share that legacy with millions of loyal fans all over the world. We are delighted to continue our journey through Middle Earth. I also want to thank Harry Sloan and our new friends at MGM for helping us find the common ground necessary to continue that journey.”

A director has yet to be named for the films, but speculation on that and much more can be found at the hub of all Hobbit-related information, TheOneRing.net.