Peter Jackson and New Line Cinema (NYSE: TWX) finally reached an agreement to make J.R.R. Tolkien's "The Hobbit," a prequel to the blockbuster trilogy "The Lord of the Rings." While it appears that the parties have settled their longtime blood fued over Lord of the Rings' royalties, the announcement today is that Jackson will NOT direct "The Hobbit", but serve as "Executive Producer" together with his on- and offscreen partner Fran Walsh. So how significant is that little detail?

After worldwide box office sales of almost $3 billion for the trilogy of The Lord of the Rings, it’s unthinkable that anyone other than Peter Jackson, director of the films, could be involved in a project for The Hobbit, JRR Tolkien's original adventures in Middle Earth. But after a spat between Jackson and New Line Cinema threatened to derail the film, AP reports the Kiwi filmmaker has agreed to executive produce The Hobbit, with a director yet to be named.

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