“We’ve decided to have The Hobbit span the two movies, including the White Council and the comings and goings of Gandalf to Dol Guldur,” says Del Toro.

“We decided it would be a mistake to try to cram everything into one movie,” adds Jackson. “The essential brief was to do The Hobbit, and it allows us to make The Hobbit in a little more style, if you like, of the [LOTR] trilogy.”

Now we can begin to speculate where the cut is going to be =)

Thanks EM!

Never mind the global recession – filmmaker Peter Jackson is believed to be taking to the skies with a new, $106 million jet.

Aircraft industry insiders are abuzz with speculation about the Oscar winner’s upgrade to a Gulfstream G550 jet, one of two exclusive private jets sold to New Zealanders in the past 18 months.

Jackson, whose net wealth is estimated at $450 million on the NBR Rich List, already owns a G-IV jet, but those in the know say he’s decided to upgrade.

“Everyone in the industry is talking about it,” said a source. “He’s got a G-IV at the moment so he probably wants an upgrade and it’s a pretty good plane to upgrade to.”

Another source said there was a wait time of 12 months for the jet, so Jackson most likely would have got in early. “I’ve heard about it from a number of people and I’m not surprised he’s bought one. They are great planes.”

The jet is decked out with four living areas, an office, satellite communications and can seat up to 18 passengers. It has Rolls Royce turbofan engines, allowing for longer-haul flights to be completed easier.