By Nicole Rojas (staff@latinospost.com) | First Posted: Sep 01, 2012 02:51 PM EDT

Hobbit fans can now add "The Hobbit: There and Back Again" to their list of films to watch for their journey back to Middle-Earth. On Friday, Warner Bros. Pictures and MGM announced that the J.R.R. Tolkien-based film series would be a trilogy instead of a two-part series, Entertainment Weekly reported.

Director Peter Jackson originally planned "The Lord of the Rings" prequels would take part in two films but decided that there was enough material for a third film, the Los Angeles Times reported. The new film, which will be released July 18, 2014, will take over the title originally set for the second film.

Warner Bros. Pictures and MGM also announced that the second film will be renamed "The Hobbit: The Desolation of Smaug" and will be released on December 13, 2013. The first installment of the trilogy, "The Hobbit: An Unexpected Journey," will open this year on December 14, the Los Angeles Times reported.

The Los Angeles Times reported that Dan Fellman, president of domestic distribution at Warner Bros. Pictures, explained the small gap between the final two installments, "We wanted to have a shorter gap between the second and third films of 'The Hobbit' Trilogy. Opening in July affords us not only the perfect summer tent-pole, but fans will have less time to wait for the finale of this epic adventure."

According to Entertainment Weekly, the announcement will allow fans to get a better idea of what the second and third films will focus on. "The Desolation of Smaug" will likely focus on the confrontation with Smaug, EW reported, while "There and Back Again" will cover the Battle of Five Armies.

The first installment of "The Hobbit" trilogy is set to premiere on December 14, 2012.

To see production videos of "The Hobbit: An Unexpected Journey," visit here

"The Hobbit: An Unexpected Journey" Trailer