Source: Movie Reporter, TheOneRing.net

Writer/producer Peter Jackson spoke a little more about The Hobbit while promoting The Lovely Bones over in Germany. He had the following to say about the project, which suggests a later start than previous rumors of Spring 2010:

"We're currently working on the second script which we hope to have completed by the end of this year or beginning of next. When the scripts are completed, we can begin with the exact calculation of the necessary budget. We hope to start filming in the middle of next year. However, we've received no green light from the studio yet."

The simplest explanation for the missing green light is MGM's still uncertain future. It was reported last month that the studio might be sold to a larger studio, and MGM confirmed that it was a possibility (although not a certainty). However, MGM only owns half a stake in The Hobbit ; the other half belongs to Warner Bros. since their absorption of New Line Cinema, the studio that released the original trilogy.

The previous three Lord of the Rings films grossed more than a billion dollars domestically, so regardless of MGM's financial situation, it is likely that the first of director Guillermo Del Toro's Hobbit films will still make its December 2011 release date, with the second film following in December 2012.