The highly anticipated follow up to the wildly successful Lord of the Rings trilogy is looking for a new director after Guillermo del Toro chose to walk away this weekend. The venture is an odd three way project between New Line, Warner Brothers and MGM. The hold up? MGM, who holds the rights to The Hobbit, is up for sale, which is impacting decisions during development, when to start shooting, approving the script and more.
del Toro has no shortage of work, which is why he decided to move on this weekend, and producer Peter Jackson says The Hobbit will make it to the big screen, so let's see what happens. Making the target date of December 2012 is less likely with each passing day.
