The Wrap reports that the Hobbit will be made into three films?!?!?!!?

Peter Jackson Confirms 'Hobbit' Will Be Split Into 3 Movies
By Brent Lang | The Wrap

Quote Originally Posted by Brent Lang | The Wrap
"The Hobbit" will become a trilogy, director Peter Jackson announced Monday on Facebook.

The move had been rumored last week, but the "Lord of the Rings" auteur confirmed the decision by saying that there was more story to tell than could be contained in the originally planned two films. He said the three movies will draw on related material in the appendices of "The Lord of the Rings," in addition to using J.R.R. Tolkien's original story, as a way to better explain the history of Middle Earth.

Also read: Peter Jackson Debuts a Disappointing 'Hobbit' at CinemaCon

"We know how much of the story of Bilbo Baggins, the Wizard Gandalf, the Dwarves of Erebor, the rise of the Necromancer, and the Battle of Dol Guldur will remain untold if we do not take this chance," Jackson wrote.

"So, without further ado and on behalf of New Line Cinema, Warner Bros. Pictures, Metro-Goldwyn-Mayer, Wingnut Films, and the entire cast and crew of 'The Hobbit' films, I'd like to announce that two films will become three," he added.