We're thrilled to hear that Peter Jackson has confirmed a third Hobbit movie! He confirmed it this morning via a post on his Facebook profile.

"It is only at the end of a shoot that you finally get the chance to sit down and have a look at the film you have made. Recently Fran, Phil and I did just this when we watched for the first time an early cut of the first movie - and a large chunk of the second. We were really pleased with the way the story was coming together, in particular, the strength of the characters and the cast who have brought them to life. All of which gave rise to a simple question: do we take this chance to tell more of the tale? And the answer from our perspective as the filmmakers, and as fans, was an unreserved 'yes'."

Jackson hinted at the possibility of a third film during his appearance at Comic Con a few weeks ago. He spoke with Collider shortly afterward and told them, "We have got incredible source material with the appendices. There's the novel, but then we also have the rights to use the 125 pages of additional notes where Tolkien expanded the world of The Hobbit."

Answering the question of how The Hobbit movies will fit in with the tone of the Lord of the Rings movies given that the novel is aimed at younger readers, Jackson emphasized that he's aimed to keep the feel similar: "Also, to be quite honest, I want to make a series of movies that run together, so if any crazy lunatic wants to watch them all in a row, there will be a consistency of tone."

Variety Magazine indicates that the third movie is scheduled for release in the summer of 2014. The first two installments are scheduled for Christmas 2012 and 2013.

The Hobbit wrapped principle photography earlier this month. Jackson shot on an army of RED EPICs. The Hobbit movies will be shown in 3D at 48 frames per second. Collider asked Jackson about the frame rate of the films:

"Well, 48fps has the potential of being quite an important moment for the film industry. We have to provide a theatrical experience to bring audiences back to the cinemas. We're in an age where there is dwindling attendance, particularly amongst younger people. I think we have to look to the technology that we have to try to figure out ways to make the cinematic experience much more spectacular and more immersive."

Over the next two years, Jackson will be responsible for three very high profile movies shot on RED in 3D at 48 frames per second. It's an encouraging moment for the RED community to have such a renowned director pushing high frame rates, 3D and 4K digital cinema.