Courtesy: 20th Century Fox

Avatar 2 will be released in December 2014, and Avatar 3 is scheduled to hit theaters in December 2015.

Cameron, who directed 1997's Titanic, released the following statement about the two-picture deal:

"It is a rare and remarkable opportunity when a filmmaker gets to build a fantasy world, and watch it grow, with the resources and partnership of a global media company. AVATAR was conceived as an epic work of fantasy – a world that audiences could visit, across all media platforms, and this moment marks the launch of the next phase of that world. With two new films on the drawing boards, my company and I are embarking on an epic journey with our partners at Twentieth Century Fox.

Our goal is to meet and exceed the global audience's expectations for the richness of AVATAR’s visual world and the power of the storytelling. In the second and third films, which will be self contained stories that also fulfill a greater story arc, we will not back off the throttle of AVATAR’s visual and emotional horsepower, and will continue to explore its themes and characters, which touched the hearts of audiences in all cultures around the world. I'm looking forward to returning to Pandora, a world where our imaginations can run wild."

Avatar remains the highest grossing film of all time.

Courtesy: 20th Century Fox

While visiting Seoul, Korea, Avatar director James Cameron addressed rumors surrounding the sequel saying, "The release date will be announced in a few months."

The Oscar-winning director was speaking at an annual technology convention in South Korea. Cameron told the crowd:

"Part of my focus in the second film is in creating a different environment - a different setting within Pandora. And I'm going to be focusing on the ocean on Pandora, which will be equally rich and diverse and crazy and imaginative. I'm not saying we won't see what we've already seen; we'll see more of that as well."

He says that the film will take about three years to make, which happens to be 18 months less than the original film. So far, just the concept has been mapped out, but no scripts have been written.

Avatar fans will have to wait until 2014 to see the second part! However, Cameron did clarify that the sequel will most likely not be named Avatar 2.

Making a sequel sounds like a no brainer, considering the original Avatar has already pulled in $2.7 billion in global ticket sales.

R-Rated hit comedy The Hangover has topped the list of MTV Movie Award nominations, with 6 noms for Best Movie, Best Breakout Star (Zach Galifianakis) Best Comedic Performance (Bradley Cooper and Zach Galifianakis), Best Villain (Ken Jeong) and Best WTF Moment (Ken Jeong - Naked Trunk Surprise.)

Tween hit New Moon and mega-blockbuster Avatar tied for second most nominations with five each.

And even though she may not have had a movie come out this year, Angelina Jolie will be competing against Channing Tatum, Sam Worthington, Chris Pine and Rain in a new category, Biggest Badass.

The 2010 MTV Movie Awards will air live on Sunday, June 6 at 9pm ET.

First of all, I'm kind of happy there are ten nominees for Best Picture! It gives recognition to some indie films that might have not made the cut otherwise...

The Oscar nominations were announced bright and early this morning, but there weren't too many surprises. Jeff Bridges will likely win Best Actor for Crazy Heart, and I smell a tie for Best Actress between Meryl Streep and Sandra Bullock!

Speaking of Sandra, what's with The Blind Side getting nominated for Best Picture? Not to mention all those nominations for A Serious Man!

I'm pretty sure Kathryn Bigelow will win Best Director, and as for Best Pic? Avatar and The Hurt Locker will likely battle it out! Still, I'm hoping for Up in the Air.

Which of these ten was YOUR fave of the year?

Avatar has finally sunk Titantic, passing the $1.292 billion mark this weekend in its overseas' haul to take the title as the top grossing film of all time.

Titanic held the record for the past 13 years, with an international box office record of $1.242 billion (or roughly $50 million less than Avatar's current cume.)

Titanic still holds the domestic title -- for now -- with $600.8 million to Avatar's current domestic gross of $551.7, but we woudn't be too surprised if it surpasses that in the next week as well.

Avatar Pulled From Screens To Make Way For Chinese Film
The Chinese government has pulled Avatar from 1,628 2-D screens to make way for a Chinese produced film about the philosopher Confucius starring Chow-Yun Fat.

A Hong Kong newspaper said the move was in response to propaganda officials who are concerned that the film is drawing too much attention to the parallel issue of forced evictions some Chinese are currently suffering to make way for make way for high rises.

Despite Chinese withdrawal, Avatar is on track to surpass Titanic as the most successful film of all-time later this week.

Simon Cowell Inks Five-Year Deal With Sony
Simon Cowell has struck a five-year deal with Sony that will combine his television properties, The X Factor and America's Got Talent with his musical acts Leona Lewis, Susan Boyle and Il Divo.

The deal, reports THR, will give Cowell back 50% of his production company, Syco, that was previously controlled by Sony in exchange for a partnership in future television, music and new media properties.

Saw VI Director Signs On For Paranormal Activity Sequel
Paramount has tapped Saw VI writer Michael R. Perry and director Kevin Greutert to write and direct the sequel to their surprise hit, Paranormal Activity.

Heat Vision reports that the duo behind the original film, Jason Blum and Oren Peli, will serve as producers.

Ironically, Paramount plans to premiere the sequel on the pre-Halloween weekend, where it will go up against Saw VII.