New 'Lord of the Rings' films are in the works at Warner Bros.
The company's co-chairs and CEOs Michael De Luca and Pam Abdy are "honoured" to be taking on the new project based on the J.R.R. Tolkien books, and believe the author's universe "remains largely unexplored on film".
They said in a statement: "Twenty years ago, New Line took an unprecedented leap of faith to realise 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.
"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 honour, and we are excited to partner with Middle-earth Enterprises and Embracer on this adventure."
Peter Jackson helmed the first 'Lord of the Rings' trilogy - which starred Elijah Wood, Cate Blanchett and Sir Ian McKellen - from 2001 to 2003, and 'The Hobbit' trilogy from 2012 to 2014.
Jackson and Fran Walsh and Philippa Boyens, his main collaborators on 'The Lord of the Rings', have admitted Warner Bros. and Embracer have kept them "in the loop every step of the way".
The trio told Variety: "We look forward to speaking with them further to hear their vision for the franchise moving forward".
A new deal is said to have been brokered to make "multiple" 'Lord of the Rings' movies based on Tolkien's books.
Lee Guinchard, CEO of Freemode, said: "Following our recent acquisition of Middle-earth Enterprises, we’re thrilled to embark on this new collaborative journey with New Line Cinema and Warner Bros. Pictures, bringing the incomparable world of J.R.R. Tolkien back to the big screen in new and exciting ways.
"We understand how cherished these works are and working together with our partners at New Line Cinema and Warner Bros. Pictures, we plan to honour the past, look to the future, and adhere to the strongest level of quality and production values."