Last week we reported that Peter Jackson was considering splitting The Hobbit up into three movies as opposed to two, but nothing was set in stone at that point. Well, now The Hollywood Reporter has broken the news that a third Hobbit film has been confirmed and it will be released in the summer of 2014.

Not much is known about how the movies will be broken up, or if this third one will be directly connected to the two already in production. But we now officially know that Jackson will attempt to squeeze a complete trilogy out of one book. We're skeptical about this move to say the least, but Jackson has done wonders with J.R.R. Tolkien's world before. 

The Hobbit: An Unexpected Journey is set for release on December 14, 2012; The Hobbit: There and Back Again is set to hit theaters on December 13, 2013; and the untitled third film will come out in the summer of 2014.

[via THR