Yeah, we know many have cried wolf on this project numerous times but with NY Times reporting that Peter Jackson's deal to direct "The Hobbit" has been locked up and The Wrap reporting the film is greenlit, we think this news is legit.According to both sites, Warner Bros. and MGM have worked out a deal to finance the two $500 million (that's $250 million each which is not absurd for a tentpole) films and a start date of February 2011 has been lined up. Peter Jackson will direct the films, though casting has not been confirmed, nor has the location of the shoot. As you might recall, the filmmakers are still in an ugly spat with local New Zealand unions over working conditions and a resolution is still a week away, if not longer. Warner Bros. is actively considering other locations to move the production if an agreement can't be worked out. However, according to the NY Times, if the production is moved out of the country further delays are to be expected and the budget will need to be redrafted (probably adding a few more million to the tally). So here's hoping this already plagued production doesn't face any more hurdles.
Besides the union situation, MGM is still finalizing their bankruptcy proceedings that will either see Spyglass heads Gary Barber and Roger Birnbaum take over management, or find MGM merging with Lionsgate. Lost in all of this? Current MGM head Mary Parent is negotiating her exit from the beleaguered studio.
At any rate we do hope this greenlight is the real deal and the film can start moving with more ease towards production. Middle Earthers get ready because the first film is projected to hit in December 2012 with the second part coming in 2013. And note while it's probably not concrete info, THR does say that Martin Freeman is "expected" to take the role of Bilbo Baggins, so maybe the BBC "Sherlock Holmes" scheduling situation is being worked out as we speak.
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