Peter Jackson has quashed rumors of further Middle Earth movies, despite Galdalf himself Sir Ian McKellen suggesting the New Zealand director wasn't done with Tolkien's universe just yet. 

Battle of the Five ArmiesSmaug is on the war path in The Hobbit: Battle of the FIve Armies

Speaking at a press conference earlier this week ahead of the release of Battle of the Five Armies, Jackson explained that he would not be adapting any further Tolkien movies - for legal reasons.

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"The Tolkien estate owns the writings of Professor Tolkien - The Hobbit and The Lord of the Rings were sold by Professor Tolkien in the late Sixties, the film rights," the director said.

"But they are the only two works of his that have been sold. So without the cooperation of the Tolkien estate, there can't be more films."

The HobbitA huge battle takes place in The Hobbit: Battle of the Five Armies

Of course, The Lord of the Rings and The Hobbit are Tolkien's most famous work, though he also wrote other Middle Stories rich for adaptation - most notably the pre-history tale The Silmarillion. However, members of Tolkien's family are known to critics of the multi-billion dollar franchise and permission to use more of the writer's works remains unlikely.

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"Tolkien has become a monster, devoured by his own popularity and absorbed by the absurdity of our time," Tolkien's son Christopher told Le Monde in 2012.

"The chasm between the beauty and seriousness of the work and what it has become has overwhelmed me. The commercialisation has reduced the aesthetic and philosophical impact of the creation to nothing. There is only one solution for me: to turn my head away."

The Hobbit: The Battle of the Five Armies is set to hit UK cinemas on Friday, December 12. 

Watch the trailer for The Hobbit: The Battle of the Five Armies: