$500 million. That is the estimated production cost for Peter Jackson to shoot his back-to-back Hobbit films. LA Times is reporting that Warner Bros and MGM are quite close to greenlighting the production. They have finally “resolved most other key issues” that caused the long delay.
WB has been ready, but the wait has been on the struggling (aka nearly bankrupt) MGM studio. You can check out the full article for in-depth details on the battle.
The first Hobbit film would be ready for late 2012 release and the second for December 2013 opening. It needs to start shooting by first quarter of next year to keep this time-line. There has also been much pre-production work on the film since producer Peter Jackson took over after director Guillermo Del Toro left to direct At The Mountains of Madness. There has also been many casting rumors, including Martin Freeman as our lead, but if production indeed gears up in the next few months we will know soon.
Are you very interested in The Hobbit or are you over The Lord of the Rings franchise?