The Tolkien Trust and HarperCollins Publishers have resolved a lawsuit with New Line Cinema over the "Lord of the Rings" films that could put a halt on all future movies based on J.R.R. Tolkien's work.Christopher Tolkien said: "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."
New Line became part of Warner Bros in March last year. Warner Bros president Alan Horn said: "We deeply value the contributions of the Tolkien novels to the success of our films and are pleased to have put this litigation behind us.
"We all look forward to a mutually productive and beneficial relationship in the future."
J.R.R. Tolkien had sold the rights to his novels 40 years ago in return for 7.5 per cent of the future film earnings.
The three "Lord of the Rings" films together made almost $3billion at the box office and another $3billion from DVDs, merchandise and the other sources. But Tolkien's heirs said they had not received anything and in February filed a lawsuit for $220million.
Tolkien's family - and their charity the Tolkien Trust - would be able to terminate further rights to the author's work if it proved breach of contract. This would have stopped "The Hobbit" films being made.
Reuters reports that the terms of the settlement are confidential.
Casting is expected to be announced now the legal threat has been removed.
Thankfully this struggle is no more. This finally wraps up all outstanding lawsuits surrounding Tolkien and various companies that would've stalled "The Hobbit's" development since this could've shut that down before shooting. Good news all around, and good riddance it's all behind us. Now to look forward to "The Hobbit"!
More news to come! Catch ya' later!
Sources: The Geek Files, First Showing, THR, Deadline Hollywood
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