Is THE HOBBIT To Blame For Killing the ELFQUEST Movie?

Warner Bros. first announced plans for an Elfquest movie in 2008, and nothing has happened since then. The film was to be based on Wendy and Richard Pini's comics, which have been published since the '70s. We finally have some word on that thanks to Blastr, who say that Peter Jackson's The Hobbit is to blame.

The studio reportedly feels that "three films with elves is one too many, and so they pulled the plug on Elfquest." That is what Wendy Pini had to say on the official Elfquest Facebook Page:
After close to four years of suspense—and longer than four years of your much-appreciated interest and support—the word has come down from Warner Bros. And the word is 'no.' Their simple explanation is that they don't want to compete with The Hobbit. This was a possibility, among several, that we were prepared for. It is a relief, at last, to know.
Here is an image that Ms. Pini posted in conjunction with the statement above:

What do you think of this news? Do you feel that The Hobbit is really to blame for Elfquest's demise? 
For now, the closest thing to a movie is the following fan film:

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