Thanks to an agreement between warring tribes Peter Jackson and New Line Cinema, Tolkien’s The Hobbit — a.k.a. the one Middle Earth book that isn’t insanely boring — is finally on its way to the big screen. That sound you just heard was a million nerd boners popping at once.

Jackson will executive produce these highly lucrative LotR prequels. A director has yet to be named.

Two “Hobbit” films are scheduled to be shot simultaneously, similar to how the three “Lord of the Rings” films were made. Production is set to begin in 2009 with a released planned for 2010, with the sequel scheduled for a 2011 release.

And with that, New Line, smarting from the flopitude of The Golden Compass, breathes a huge sigh of relief.

Fingers crossed that whoever makes this keeps the Rankin-Bass songs intact! Yikes.

General, Movie/TV, In The Theaters, Books