Peter Jackson is adding a third film to what was planned to be the two-part series "The Hobbit."

The director of the Oscar-winning "The Lord of the Rings" movies said Monday, July 30 that after viewing a cut of the first film and part of the second that there was room for a third.

Jackson says in a statement that a lot of J.R.R. Tolkien's tale of Bilbo Baggins would remain untold if a third film wasn't made.

Warner Bros. and MGM will continue their partnership to make the trilogy.

The first film, "The Hobbit: An Unexpected Journey," hits theaters Dec. 14, while the second, "The Hobbit: There and Back Again" is set for release on Dec. 13, 2013.

The third film will come out in the summer of 2014, AP reported.