Although the news has been rumored for weeks, Variety reports that Guillermo del Toro was officially announced Thursday to direct both films of “The Hobbit”. Peter Jackson and Fran Walsh will act as executive producers for the New Line-MGM films.

Del Toro’s moving to New Zealand for the next four years to work with Jackson and his Wingnut and Weta production teams. He’ll direct the two films back to back, with the sequel dealing with the 60-year period between “The Hobbit” and “The Fellowship of the Ring,” the first of the “Lord of the Rings” trilogy.

Jackson’s WETA stages, post-production and visual effects facilities — built for “The Lord of the Rings” — will be used for both films. And New Zealand will again be the site of Middle-earth, with the story centering on Bilbo Baggins taking the Ring of Power from Gollum.