Ok, this one is a doozie. Microsoft announced a landmark partnership announced between Academy Award-winning writer, director and producer Peter Jackson, Academy Award-winning screenwriter Fran Walsh, and Microsoft Game Studios will create two new interactive entertainment series exclusively for Xbox 360 and Xbox Live. The first series will be a collaborative effort with Bungie Studios to co-create the next great chapter in the “Halo” universe. The partnership will see Jackson and Walsh co-write, co-design and co-produce a completely new and original chapter in the “Halo” universe in collaboration with Bungie Studios.

The second series will be an entirely original property targeted at bringing new audiences into the captivating world of interactive entertainment. In addition, Microsoft Game Studios will partner with Jackson and Walsh to establish Wingnut Interactive, a studio dedicated to the creation of world-class interactive entertainment.

“Microsoft has built an amazing living canvas with Xbox 360 and Xbox Live, which allows the storytellers of our time to express themselves in a new medium. They have fundamentally changed how people think about games,” Jackson said. “My vision, together with Microsoft Game Studios, is to push the boundaries of game development and the future of interactive entertainment. From a movie-maker’s point of view, it is clear to me that the Xbox 360 platform is the stage where storytellers can work their craft in the same way they do today with movies and books but taking it further with interactivity.”

When we contacted a spokesperson for Microsoft a few minutes ago, they confirmed that this ‘Halo’ title Peter Jackson is collaborating with them on is NOT Halo 3, but an all new Halo title. It doesn’t get much bigger than that folks, Peter Jackson and Bungie together on Halo 4.