thatll do pig The Hobbit: MGM Gives Official Greenlight With Peter Jackson Directing!!!

It’s official!!! After years and years of waiting, fans will be happy to know that Peter Jackson is directing The Hobbit and officially returning to Middle Earth. It was reported earlier today that Jackson has finalized his deal to direct the highly anticipated The Lord of The Rings prequel, The Hobbit. A major factor in The Hobbit delay has been MGM’s recent financial crisis, but according to the LA Times, the situation has been resolved in the following statement:

“MGM is expected to talk to potential funding sources, including other studios that could handle foreign distribution on its behalf. As a backup plan, Warner Bros. has agreed to loan MGM the money in exchange for additional rights to the picture beyond the domestic distribution it already controls.”

The Hobbit is scheduled to start filming February of 2011. The adaptation will be made into two separate films, the first which is set for a December 2012 release.