The Dwarves, Bilbo and Gandalf have successfully escaped the Misty Mountains, and Bilbo has gained the One Ring. They all continue their journey to get their gold back from the Dragon, Smaug.
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The Hobbit collection is a three-part epic fantasy-adventure film directed and produced by Peter Jackson and based on J. R. R. Tolkien's fantasy novel of the same name. The trilogy of films are set in Middle-earth 60 years before "The Lord of the Rings", and will act as a prequel to Jackson's The Lord of the Rings trilogy.