Peter Jackson mulling 'Hobbit' trilogy

WELLINGTON, New Zealand, July 24 (UPI) -- New Zealand director Peter Jackson is in talks with Warner Bros. about releasing his two-part film "The Hobbit" as a trilogy, TheWrap reported.

If a deal is struck for a third movie, Jackson would shoot some additional footage and combine it with film he has already shot, the entertainment news Web site said, adding another installment would mean the actors involved would have to renegotiate their contracts to compensate them for their additional work.

"The Hobbit: An Unexpected Journey" is to open Dec. 14 and "The Hobbit: There and Back Again" is set for release Dec. 13, 2013. It is unclear how the possibility of a third "Hobbit" film might affect the franchise's release schedule.

Jackson helmed three "Lord of the Rings" films based on the fantasy novels by J.R.R. Tolkien. "The Hobbit" is a prequel to the "Rings" adventures and features some of the same characters.