WB Fully In Control of The Hobbit

God, if only someone higher up in the studio food-chain had nutted up sooner. Then it'd still be Guillermo del Toro's The Hobbit. Alas.

Warner Brothers has officially announced they will fully distribute and bankroll both Hobbit movies. The original arrangement, dating years back, entailed WB and MGM splitting the costs with the lion taking international distribution (easily the stronger market for genre films like this) and WB tacking domestic.

Here's the press release:

"LOS ANGELES, CA, January 6, 2011- Roger Birnbaum and Gary Barber, MGM Co-Chairman and Chief Executive Officers, Toby Emmerich, President and Chief Operating Officer, New Line Cinema and Alan Horn, President and Chief Operating Officer, Warner Bros. Pictures today announced that MGM and Warner Bros have concluded a deal for Warner Bros. Pictures to handle international theatrical and video distribution responsibilities on MGM's behalf for Peter Jackson's highly anticipated adaptation of J.R.R. Tolkien's 'The Hobbit.' This arrangement results in Warner Bros. Pictures handling the bulk of worldwide distribution, while MGM will handle international television licensing for the films. MGM and WB will work collaboratively to coordinate marketing and release plans worldwide.

Jackson, who directed all three 'The Lord of the Rings' films, will helm the two films back-to-back, telling the story of 'The Hobbit' from screenplays written by Jackson, Fran Walsh, Philippa Boyens and Guillermo del Toro.

The two 'Hobbit' films are set to begin production in February 2011, with release dates targeted for December 2012 and December 2013. Jackson will utilize groundbreaking visual effects and his incomparable storytelling to bring Tolkien's novel to the big screen. Both 'Hobbit' movies will be filmed in Digital 3-D, using the latest camera and stereo technology to create a high quality, comfortable viewing experience.

Peter Jackson, Fran Walsh and Carolynne Cunningham are producing the films for New Line, Warner Bros and MGM, with co-writer Philippa Boyens serving as co-producer and Ken Kamins and Zane Weiner as executive producers. The Oscar-winning, critically acclaimed 'The Lord of the Rings' trilogy, also from the production team of Jackson, Walsh and Cunningham, grossed nearly $3 billion worldwide at the box office. In 2003, 'The Lord of the Rings: The Return of the King' swept the Academy Awards, winning all of the 11 categories in which it was nominated, including Best Picture - the first ever Best Picture win for a fantasy film. The trilogy's production was also unprecedented at the time."

While we're on the subject, negations are still (still!) ongoing between Sir Ian McKellen, Andy Serkis and Hugo Weaving, says "TOLDJA." As if that wasn't enough word is Elijah Wood (!) will also return for the two Lord of the Rings prequels. Despite the li'l factoid that his character Frodo Baggins, the lead in the Rings trilogy, wasn't yet born.

One Ring confirms the item, and elaborates the plan will have Frodo in the opening sequence of each installment. Shooting down in New Zealand next month with December 2012 and 2013 release dates targeted. Just don't hold your breath waiting to see it next Christmas.