It's official. "The Lord of the Rings: The Return of the King" is now a member of the very elite billionaire's club.

Only two movies have ever broken the $1 billion mark, and the last time it was done was "Titanic" in 1997, which was the first time it ever happened.

This is great news for New Line Cinema, who in the 1980s was made famous by the Freddy Kreuger movies.

"Return of the King" is the second-highest grossing film of all time. Whether it will become No. 1 is highly questionable, since it would have to nearly double what it's made so far. "Titanic" has a worldwide total of $1.8 billion.

But one thing good about "Return of the King" is that it reached the $1 billion mark one week faster than "Titanic" did originally. It took the James Cameron film 11 weeks to get to $1 billion, while "Return of the King" did it in less than 10 weeks.

The film has accrued $361 million in U.S. and Canadian box office, so the other $640 million has come from overseas. The entire "The Lord of the Rings" franchise has now earned $2.8 billion.

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