Guillermo del Toro to direct 'The Hobbit' and sequel

Del Toro wrote and directed "Pan's Labyrinth," which earned six Oscar nominations in 2006 and won three awards. He is also the director of the upcoming sequel "Hellboy II: The Golden Army," whose monsters bear the unmistakeable surreal vision of the Mexican-born filmmaker.

"I am indeed blessed to become a part of the filmmaking community that Peter, Fran and their extraordinary team of collaborators have created in New Zealand," del Toro said in a statement. "Contributing to the 'Lord of the Rings' legacy is an absolute dream come true."

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