The blockbuster announcement by MGM chairman/CEO Harry Sloan includes about half a dozen films valued in the $150-$200 million production cost range.
Though details are not yet certain, Sloan hopes "The Hobbit" will be attached to Peter Jackson who was instrumental in the success of The Lord Of The Rings trilogy.
Other films included in the announcement include a Pink Panther Sequel, a new James Bond film and Sylvester Stallone's "Rocky Balboa" all set for a 2008 release.
The Hobbit will be produced in partnership with New Line Cinema who released the Lord of The Rings Trilogy.
