British actor Stephen Fry is joining "The Hobbit," Peter Jackson's two-part epic prequel to "The Lord of the Rings," Jackson announced today.

Fry will be teaming with cast members Martin Freeman (the U.K. "Office"), Ian McKellen (reprising his Oscar-nominated role as Gandalf the Grey), Brit actor Richard Armitage and returning stars Orlando Bloom, Andy Serkis, Cate Blanchett, Christopher Lee, Hugo Weaving and Elijah Wood.

Fry will be playing The Master of Laketown. Well-known as a British TV personality, Fry appeared in "V For Vendetta," and narrated the film version of "The Hitchhiker's Guide to the Galaxy." He'll soon be seen as Sherlock's brother Mycroft in Guy Ritchie's "Sherlock Holmes" sequel.

"In addition to his writing skills, he's a terrific actor and will create a very memorable Master for us," Jackson said.

Jackson and Fry are also developing a remake of the 1955 Brit WWII movie "The Dambusters" together.

Jackson also announced the addition of two other new cast members. Ryan Gage will play Alfrid, The Master of Laketown's civil servant, while   Conan Stevens will appear as an oversized Orc called Azog.

"And yes that's his name — Conan!" enthused Jackson. "Isn't that cool? Azog is played by Conan!"