After numerous problems and much excitement from eager fans, Warner Bros and MGM are apparently finally close to greenlighting the production after resolving the key issues that caused the long delay. The wait has been due to the struggling (aka nearly bankrupt) MGM studio. Here are some excerpts from the report by The Los Angeles Times which explains things a little better:
"The studios have nearly finalized a deal with director, producer and co-writer Peter Jackson to make the two movies and have resolved most other key issues that have long held up the project, including those related to underlying rights from the estate of author J.R.R. Tolkien."
"The one remaining hurdle is getting an official go-ahead from MGM, which is set to co-finance the movies under a long-standing agreement it owns half the rights and controls international distribution."
"People close to the project said that, barring a last-minute glitch, they expect to have all issues settled shortly in order to begin production in mid-January so that the first of the two movies would be ready for a holiday 2012 release. The second film is planned for a December 2013 opening. If production doesn't begin by the first quarter of next year, the people said, "The Hobbit" will miss its planned release dates and will likely have to once again be delayed."
So, it would seem that the wait is finally over! There have been several rumours about both who would direct The Hobbit as well as when it'll be released but it looks like we'll finally get some definite answers soon. For now though, I think it's safe to say that it'll be in safe hands with Lord of the Rings director Peter Jackon and The Hobbit will surely be yet another great movie to add to the already epic looking 2012!
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