New Lord of the Rings movies are on the way

New Lord of the Rings movies are on the way from Warner Bros. and New Line Cinema.

Both companies reached a multi-year deal with Embracer, the Swedish gaming company that purchased the rights to the Lord of the Rings franchise last year. The new films were announced during Warner Bros. Discovery's Investor call on Thursday.

Released in the early 2000s, the Peter Jackson-directed Lord of the Rings trilogy, which starred Elijah Wood, Orlando Bloom, Sean Astin, Liv Tyler, and Viggo Mortensen, garnered over $2.9 billion at the global box office, with Return of the King winning the Academy Award for Best Picture in 2003. In 2012,  Jackson returned to direct the less-successful Hobbit trilogy that starred Martin Freeman as Bilbo Baggins.

"Twenty years ago, New Line took an unprecedented leap of faith to realize the incredible stories, characters, and world of The Lord of the Rings on the big screen.  The result was a landmark series of films that have been embraced by generations of fans," said Warner Bros. film bosses Michael De Luca and Pamela Abdy in a statement. 

"But for all the scope and detail lovingly packed into the two trilogies, the vast, complex and dazzling universe dreamed up by J.R.R. Tolkien remains largely unexplored on film.  The opportunity to invite fans deeper into the cinematic world of Middle-earth is an honor, and we are excited to partner with Middle-earth Enterprises and Embracer on this adventure."

The upcoming Lord of the Rings movie does not yet have a title or release date. For more, check out our list of the 100 best movies of the decade.