It’s been confirmed: The Hobbit will be directed by Guillermo del Toro.

New Line Cinema made the announcement yesterday that Guillermo del Toro will be taking over The Lord of the Rings legacy from director Peter Jackson. The Hobbit is J.R.R. Tolkien’s pre-Lord of the Rings masterpiece. Guillermo del Toro will also direct a sequel to The Hobbit, a look at the 60 years prior to The Fellowship of the Ring.

Guillermo del Toro will relocate to New Zealand for four years, shooting The Hobbit and its sequel back-to-back.

“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,” Guillermo del Toro said in a statement. “Contributing to the Lord of the Rings legacy is an absolute dream come true.”

Guillermo del Toro wrote and directed the spectacular “Pan’s Labyrinth,” (nominated for six Oscars; won three) and directed “Hellboy” and “Hellboy II: The Golden Army.”