It is looking likely that the Hobbit movie will be split and actually be 2 movies. It is as yet unconfirmed but it is being mentioned more than enough times to raise it from rumor to probable.
It would make sense financially as they would film both at the same time of course. The only thing worrying me is that they might decide to fill out the story with sub plots and we would end up with a movie only based on The Hobbit.
What seems more likely to me is that they would attempt to fill in the gaps between the end of The Hobbit and the beginning of The Fellowship Of The Ring. With the help of The Silmarillion they could keep Tolkien fans happy with enough licence in the plot to bring back a few of the characters from the Lord Of The Rings Trilogy.
New Line Cinema have never hidden the fact they have the rights to make 2 more Tolkien movies.
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