Hobbit director Peter Jackson's fears for the big screen Peter Jackson's latest cinema offering The Hobbit: The Desolation Of Smaug opens around the world this month. It is the second of a three-film adaptation of JRR Tolkien's novel. The cost of the trilogy is reported to have past the five hundred million dollar mark, but given that the first film took more than £1bn at the box office, the franchise is still one of the most profitable in history. BBC Newsnight's Stephen Smith went to meet Peter Jackson to talk about the film. Film clips courtesy of Warner Brothers You can see that interview in full on Newsnight on BBC Two at 22:30 GMT on Thursday 12 December, or catch up later via the Newsnight website or the BBCiPlayer.