Lord of the Rings

Los Angeles, CA: (Dec-18-07) Peter Jackson brought charges against New Line Cinema, alleging that the company was stonewalling his accountants. Sources close to the case stated that the two parties had resolved the dispute by entering into a settlement agreement, reportedly worth nearly $40 million. The settlement is said to end years of litigation and acrimonious auditing over his share of the profits from the "Lord of the Rings" trilogy. Records state that the movie grossed $2.9 billion worldwide, enhancing Jackson's reputation and vastly improving New Line's stature among the major movie studios. As a result of the deal, New Line, which held the rights to make a "Hobbit" movie, and Metro-Goldwyn-Mayer, which has distribution rights, will cut a 50-50 financing deal: New Line will make the two films and distribute them domestically, and MGM will distribute them overseas. [NEW YORK TIMES: MOVIE MONEY]

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Published on Dec-24-07