The Hollywood Reporter has announced that after settling differences, Peter Jackson and New Line Cinema will co-produce the anticipated prequels to Jackson’s The Lord Of The Rings trilogy, in collaboration with MGM. Jackson had been battling New Line for his share of profits from the first Rings, The Fellowship Of The Ring, while New Line themselves had been in negotiations with MGM who owned distribution rights to any filmed Hobbit project. Though other directors were rumored to be circling the property, the new deal will see the simultaneous production of two films back to back, much in the same way that the original Rings trilogy came to the screen. Both companies will co-finance the films, with New Line distributing domestically and MGM handling international rights. The Hobbit and an as yet untitled sequel are set for theatrical release in 2010 and 2011 respectively.