Peter Jackson will be making & directing The Hobbit after all. Various sources say today that MGM and Warner Bros. have negotiated a deal to finance the two Hobbit films, and that pending the resolution of labor issues, the shoot is tentatively scheduled to get underway in February, with Peter Jackson officially confirmed as director.
There are reports that vaguely conflict on the details. The Wrap reports the film is greenlit and will shoot in February but the LA Times says that MGM and Warners have agreed to move forward in February, but that the official green light time frame hasn’t been set because of lingering "labor issues" surrounding the film. (Recall that a coalition of small Kiwi and Australian actors’ organizations is trying to leverage the production for a new residuals deal.)
The paper also says that MGM doesn’t actually have there share of the money, hence the studio is bankrupt and up for sale but they supposedly set up a plan. Stage one: talk to outside investors, which may potentially include other studios. Stage two is to borrow the money from Warners but what’s important is that all the existing studio partners agree on things right now.
Source: ‘The Hobbit’ Gets The Green Light! Peter Jackson And Co. Reportedly Headed Back To Middle-Earth MTV Movies Blog