The entertainment industry paper reports that Sir Peter Jackson is close to signing a deal to direct the as-un-yet greenlighted two-part film adaptation of The Hobbit. The previous director attached to the project, Pan’s Labyrinth helmer Guillermo del Toro, dropped out last month over frustration with production delays.
According to the paper’s sources, Jackson is in Los Angeles this week, holding casting meetings for The Hobbit.
According to the Reporter:
Sources say Jackson’s pact with Warner Bros. to direct the two-part Hobbit adaptation is close to done, but the sticking point continues to be the dire financial situation at MGM, which holds half the rights to the property.
Warners, which is acting as the lead studio on the co-production, is furiously negotiating with MGM, which is being steered by a committee of creditors and financial stakeholders. Even if Warners wanted to fund the films itself, that would require a sign-off from the somewhat rudderless MGM.