MGM Retains The Hobbit
Posted 10.02.09 by BrentJS
Cash-strapped MGM announced that it has secured funds from "key lenders" who will allow the studio to move forward with its Guillermo del Toro-led production of The Hobbit, the prequel to Peter Jackson's The Lord of the Rings trilogy. An approved interest deferment plan will allow MGM to retain co-ownership of the rights to the lucrative Hobbit property, which it shares with Warner Bros.' New Line Cinema.
Jackson, del Toro, Fran Walsh, and Philippa Boyens are all currently working on scripts for the two movies, with the first screenplay due by the end of November. Shooting is expected to begin as early as spring 2010, with an intended release date for the first feature in 2011.