The Hobbit Has Finally Been Greenlit

It’s for real now, no backsies: MGM has finally given the goahead on The Hobbit, a movie plagued by years of pre-production anguish, involving studio bankruptcy, labor disputes, a director search, and even fire.

Well, the film is being given a budget of $500 million, Peter Jackson is directing, and according to The Coventry Telegraph, even MGM’s financial problems can no longer get in the way:

MGM is finding its share of the project’s funding from external sources and, if that fails, Warner Bros has pledged to step in and lend the money to MGM.

So the only thing left unmentioned by New Line Cinema‘s press release is whether the film will continue to be shot in New Zealand, where localized pre-production work (like the rebuilding of Hobbiton) has already begun; or if actors labor disputes will cause the production to move to Europe.

Oh, and both movies will be shot in 3D.

Because 3D will really enhance the experience of fifteen bearded dudes walking places.  And it’s Peter Jackson and his fascination with monsters, so expect a giant spider sequence that goes on for about seven minutes longer than strictly necessary.

Aaand, that’s all the cynicsm I can muster.  It’s a Hobbit movie!  With most of its visual direction already overseen by Guillermo del Toro!  Woo!