Did you know you should have been worried about whether the two-part Hobbit would get made? Now, with Lord of the Rings' Peter Jackson producing and Guillermo del Toro directing The Hobbit is free of a lawsuit from the Tolkien estate. The Hollywood Reporter says a financial agreement for the Lord of the Rings films has been reached.

In a statement about the settlement THR reports ...

Christopher Tolkien says, "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. The Trustees acknowledge that New Line may now proceed with its proposed films of 'The Hobbit.'"

Terms of the settlement were not released.