Disney's "Frozen" knocks down the Hobbits

Walt Disney's red hot fairy tale "Frozen" took the box office for the first weekend of 2014, knocking down three-time champion "The Hobbit: The Desolation of Smaug."

"Frozen" has already collected $640 million in global ticket sales, making it the highest-grossing Disney Animation release of all-time behind "The Lion King."

Kristen Bell provides the voice for the quirky Scandinavian princess, with magical powers she can't control, on a search for her missing sister - the Queen.

Aman is marked for possession by a demon in the new horror movie "Paranormal Activity: The Marked Ones," clinching the second place spot on the charts.

The movie cost an eerily low $5 million to make, and estimates say the film earned $18.2 million over the weekend.

After three straight weeks at number one, Bilbo Baggins and a band of dwarves fall to third place.