I heard this news last night on tumblr and I am still not over it, omg.

[jazmin22]

...I'm also pleased to announce that Lee Pace will be playing the Elven King Thranduil. Casting these Tolkien stories is very difficult, especially the Elven characters, and Lee has always been our first choice for Thranduil. He's going to be great. We loved his performance in a movie called "The Fall" a few years ago, and have been hoping to work with him since. When we were first discussing who would be right for Thranduil, Lee came into mind almost immediately.

-Peter Jackson, via facebook

PERFECT CASTING IS PERFECT!

They mentioned "The Fall", which I loved! LEE PACE AS THRANDUIL. AS IN LEGOLAS' DAD! LEE PACE IS ORLANDO BLOOM'S DAD. Sorry, but I can't not capslock, I am so happy!