Good news for all those J.R.R. Tolkien aficionados waiting for a film adaptation of “The Hobbit.”
New Line Cinema, the Tolkien estate and publisher Harper Collins have settled the lawsuit over profits from the “Lord of the Rings” films released between 2001 and 2003.
The Tolkien estate had sued New Line for at least $150 million in damages for failing to pay 7.5% of gross receipts from the three films, which netted an estimated $6 billion combined. The estate claimed it hadn’t been paid “one penny” from its contractual share and took issue with many of New Line’s claimed expenses, including “advertisement” payments made to AOL (also owned by Time Warner) and money for production offices and facilities being used for other New Line films.