It took weeks of discussion, but the crisis is over.  Peter Jackson’s quest to film his two movies based on The Hobbit in his native New Zealand (where Lord of the Rings was filmed), has been positively resolved.  In the wake of a labor dispute that nearly scuttled The Hobbit, New Zealand Prime Minister John Key and representatives from Warner Brothers and New Line Cinema have come to terms that will keep The Hobbit in New Zealand.

What are the terms?  Well, since the movie production will end up bringing an estimated $500 million dollars into New Zealand’s economy, the country has agreed to give WB and New Line extra tax breaks.  They were already receiving $46.3 million dollars; now they’ll get an additional $15.4 million bucks off the tax bill.  New Zealand, in exchange for all the tourism bucks brought in from the movie industry, will chip in $7.6 million to assist in The Hobbit‘s marketing.

UK actor Martin Freeman is taking on the role of Bilbo Baggins in the two movies, which are expected to be released in 2012 and 2013.

Image: LA Times

Tags: New Zealand, The Hobbit, Peter Jackson, The Hobbit to film in New Zealand, Hobbit filming location, Warner Brothers, New Line Cinema, New Zealand agrees to tax breaks to keep The Hobbit, John Key, Hollywood, labor disputes

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