Lord of the Rings director Peter Jackson is to pick up one of the biggest fees for a movie when he remakes King Kong.

He will land £12.5 million for the new version of the classic, although some will be shared with the writers, according to Variety magazine.

Only a handful of directors have achieved an eight-figure sum and it puts New Zealander Jackson in the same league as movie stars such as Tom Cruise and Mel Gibson.

The epic Lord of the Rings films - the third of which will be released at the end of this year - have become among the most successful movies of all time.

Other directors who have landed such large deals include M Night Shyamalan.

Most big money directors collect only a relatively small advance but take a large share of the box office receipts and spin-offs such as merchandise.

King Kong was also remade in 1976 starring Jeff Bridges and Jessica Lange.

Source: Press Release