http://www.variety.com/article/VR1118014180.html
Once the script for the second film is in -- Jackson and his longtime collaborators Fran Walsh and Philippa Boyens are working on it with Del Toro -- New Line will work up a budget for both films and start casting. New Line exec Michael Disco, who was once Emmerich's assistant, will oversee for the studio.
Horn won't predict when the first of the two "Hobbit" films will be out, but says the most probable scenario would be a release in the fourth quarter of 2012.
"It's a big bet for us. But it's one we think will pay off given the success of 'Lord of the Rings,'" says Emmerich. "This is one of the few movies it feels like people are waiting for."