Yeah, how many times have we heard that? But, according to The LA Times Warner Bros, New Line Cinema and even MGM really are close to greenlighting the highly anticipated two-part adaptation of J.R.R. Tolkien's The Hobbit. This come from several inside sources close to the production.
This film project has gone through so many problems, I'm surprised that there's actually still a chance that it will get made. The studios are currently in the process of finalizing a deal with director Peter Jackson, to helm the two new films. They are also in the process of cleaning up all the other messes revolving around this movie
As of right now the biggest hold-up is still MGM, which is set to co-finance the film, only problem is they still can't afford to put the money into it. I wish they would just give up the rights that they own so the movie could move forward with no problems. Everyone else is ready to role on the film! According to LA Times,
MGM is eager to make the films, people close to the situation said, and could give Warner Bros. the official okay in the next few days. However, it will still need to secure its half of the financing. Barber is expected to approach a number of potential investors, including studios including 20th Century Fox, which has an existing deal with MGM to release its movies overseas. Other possibilities include outside financial investors or Warner Bros., which could loan MGM its share in exchange for additional distribution rights to the pictures.
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.
The studios are also in the process of working things out with the Union's who asked their members not to take any roles in the film if they were offered any due to union disputes. Then Warner Bros. and New Line are clearing things with the Tolkien Estate and the rights issues they've had issues with, which are an extension from a earlier litigation between the studios and the late author’s heirs. The studios have agreed to pay them millions of dollars to resolve matters.
Lets hope this time around we actually see this film get a greenlight in the new few days.