The One Ring reports that Peter Jackson has confirmed the addition of a third film to the upcoming adaptation of The Hobbit, which was previously expected two be released in two installments. The expansive story will not be a straight adaptation of the book by the same name, but will also chronicle the various events happening simultaneous to Bilbo’s journey.

Jackson stated, “Upon recently viewing a cut of the first film, and a chunk of the second, Fran Walsh, Philippa Boyens and I were very pleased with the way the story was coming together. We recognized that the richness of the story of The Hobbit, as well as some of the related material in the appendices of The Lord of the Rings, gave rise to a simple question: do we tell more of the tale? And the answer from our perspective as filmmakers and fans was an unreserved ‘yes.’ We know the strength of our cast and of the characters they have brought to life.  We know creatively how compelling and engaging the story can be and—lastly, and most importantly—we know how much of the tale of Bilbo Baggins, the Dwarves of Erebor, the rise of the Necromancer, and the Battle of Dol Guldur would remain untold if we did not fully realize this complex and wonderful adventure. I’m delighted that New Line, MGM and Warner Bros. are equally enthusiastic about bringing fans this expansive tale across three films.” — Press release, BURBANK, CA, JULY 30, 2012

The first film, The Hobbit: An Unexpected Journey, will be released on December 14, 2012. The second film is set for December 13, 2013, with the third expected for sometime in the summer of 2014.