Watch the first teaser for 'The Hobbit'

Warner Bros. and New Line have released the first teaser for "The Hobbit: An Unexpected Journey."

Based on the novel by J.R. Tolkien, "The Hobbit" is set 60 years before "Lord of the Rings" and tells the story of Bilbo Baggins, the unassuming Hobbit, who becomes a hero by obtaining a powerful ring in the face of challenges by the wicked Gollum and Smaug.

Peter Jackson, who directed the "Lord of the Rings" trilogy, is back at the helm, with Martin Freeman as Bilbo and Orlando Bloom, Andy Serkis, Elijah Wood, Hugo Weaving, Ian McKellen and Cate Blanchett reprising their roles from the "LOTR" saga. 

Warner Bros. will release the first installment of the two "Hobbit" pics on December 14, 2012. The second "Hobbit" pic, dubbed "There and Back Again," arrives December 13, 2013.

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