It’s just sad, that’s all. A once great movie studio reduced to less than nothing. News comes (via AICN, Cinematical) that the next James Bond film, delayed for some time (as is everything else MGM-produced) due to MGM’s never-ending money issues, is officially off the production table and back in a drawer somewhere. What was an official indefinite suspension has become an official cancellation.

The film, which Peter Morgan was once writing for Sam Mendes to direct, will need a new home before it gets into production, let alone into theaters.

Furthermore, Ian McKellen told New Zealand’s “Good Morning” Show that he’s not simply waiting around for a decision on The Hobbit to be made:

“Well, I’m not under contract and my time is running out and I’m enjoying working in the theater and frankly, I would like to race after doing ‘Waiting For Godot,’ get on with doing another play but we’ll have to see. I don’t give the producers the impression that I’m sitting waiting.” [The Playlist]

Recall that McKellen is the same man who once said shooting on the film(s) would start rather soon. It seems even he has lost hope.

It’s all bad news I’m afraid. And with MGM’s back catalog, who could afford to buy them out these days? Certainly bad news on the whole.

What do you think of this? Will The Hobbit get made? When will we see Bond in action again?

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In what was the most inevitable (and correct) conclusion to the Hobbit director fiasco, Deadline is reporting Lord of the Rings trilogy helmer Peter Jackson has “decided to direct two installments of The Hobbit.” His deal is currently in negotation “right now with Warner Bros and MGM.” Read the full story

E-mail Jordan Raup here. Follow him on Twitter and Facebook for the latest TFS updates!

It seems like the more news we hear about The Hobbit the more likely it is that we’ll never see this movie. It’s a tough thought to accept, but with everything that’s being said, I’m losing hope more and more every single day. Read the full story

Since Guillermo Del Toro departed The Hobbit, various names have been banded about as to who will replace him in the director’s chair. One name to almost certainly make you say “Duh!” is Neill Blomkamp. Theonering have received a report, and they emphatically state that this is rumor right now, which says he will be the man to take the reins. Read the full story

According to JoBlo, Warner Bros. Studios and MGM are pushing for Peter Jackson to direct the upcoming film, The Hobbit after Guillermo Del Toro dropped out of the project. We reported yesterday that the studio was looking at David Yates to direct but apparently this is a back-up plan. They are still hoping to get Jackson on board.

Read the full story

Well, he isn’t on our list of directors that should take on The Hobbit. With the recent departure of Del Toro from The Hobbit, many people were left wondering who would take over the director’s chair. /Film tells us that the role may go to David Yates. You may remember Yates from some of his outings with the Harry Potter films for which he is most well known for. He has just finished shooting the last of Harry Potter and the Deathly Hallows: Part II, which hits theaters July 15th, 2011. Part 1 comes out this November.

Read the full story

When Guillermo del Toro dropped out of directing The Hobbit just a few weeks ago, most people (including me) were greatly disappointed by his departure. He seemed like the perfect person to go and tackle Middle Earth, with that Pan’s Labyrinth-vision of his.

That plus MGM’s continual fallout, it would seem the project’s lost. But according to Gandalf himself, we can expect to see the movie begin production sooner than we initially thought. [GordonandtheWhale]

Speaking to Australian radio station NovaFM, Mr. Ian McKellen said this:

Read the full story

Guillermo Del Toro was the perfect director to take on the two-part Hobbit. Very few directors have the dark edge mixed with a knack for blockbuster sensibility. With today’s news that he has left the project, here are ten directors we would love to see take on the this epic blockbuster. Read the full story

Delay after delay after delay after delay after delay after delay has finally led Guillermo Del Toro to step down from the position of director on The Hobbit. He decided to make this decision through Lord of The Rings fansite TheOneRing.net.

“In light of ongoing delays in the setting of a start date for filming “The Hobbit,” I am faced with the hardest decision of my life. After nearly two years of living, breathing and designing a world as rich as Tolkien’s Middle Earth, I must, with great regret, take leave from helming these wonderful pictures. I remain grateful to Peter, Fran and Philippa Boyens, New Line and Warner Brothers and to all my crew in New Zealand. I’ve been privileged to work in one of the greatest countries on earth with some of the best people ever in our craft and my life will be forever changed. The blessings have been plenty, but the mounting pressures of conflicting schedules have overwhelmed the time slot originally allocated for the project. Both as a co-writer and as a director, I wish the production nothing but the very best of luck and I will be first in line to see the finished product. I remain an ally to it and its makers, present and future, and fully support a smooth transition to a new director.”

Peter Jackson also had something to say :

“We feel very sad to see Guillermo leave the Hobbit, but he has kept us fully in the loop and we understand how the protracted development time on these two films, due to reasons beyond anyone’s control – has compromised his commitment to other long term projects. The bottom line is that Guillermo just didn’t feel he could commit six years to living in New Zealand, exclusively making these films, when his original commitment was for three years. Guillermo is one of the most remarkable creative spirits I’ve ever encountered and it has been a complete joy working with him. Guillermo’s strong vision is engrained into the scripts and designs of these two films, which are extremely fortunate to be blessed with his creative DNA”

I’m starting to get the feeling that this movie will probably never actually happen, which I guess is unfortunate but at least it allows Del Toro and Jackson to potentially move on to far more interesting things. Bring on Hellboy 3! Or The Lovely Bones 2…

What do you think about this, can The Hobbit can forward without Del Toro at the helm?

Sadly, recent reports of The  Hobbit being green-lit for pre-production were not true after all. Guillermo del Toro who was giving a press conference for Splice, which he executive produced, delivered the bad news:

“It’s not greenlit,” said del Toro, “That’s categorical… We’ve been caught in a very tangled negotiation… There cannot be any start dates until the MGM situation gets resolved. They do hold a considerable portion of the rights.” (ComingSoon)

MGM studios is in great financial debt and have been in negotiations for other parties to purchase the studio and its properties. There is still no buyer as yet and the situation has halted any progress on the Hobbit films. Del Toro suggested that the likely scenario would be for MGM to share the rights to the films or sell them outright to another studio.

Although this means that The Hobbit might not start filming until next year, Del Toro remains optimistic that they will be made and made well:

“We have designed all the creatures,” he said, “We’ve designed the sets and the wardrobe. We have done animatics and planned battles sequences…. We are very, very prepared for when it is finally triggered.”

He also added that while 3D remains a possibility, is has only been discussed “literally once” and has not been included as a factor in the current production budget.

For fans the good news is that MGM won’t be able to delay much further in finding a potential buyer to settle their debts and when they do news of The Hobbit won’t be far behind.

When do you think The Hobbit will start filming?