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Has the long-anticipated adaptation of The Hobbit experienced yet another costly delay? It’s beginning to look that way.

I don’t think there’s ever been a film that’s been teased by off-the-mark news reports over the years as much as this one. Yet, up until a few days ago, things seemed to be on track. Gandalf himself, Ian McKellen recently posted on his website that filming would commence in June. That comment, however, would later be removed and changed to “at a time to be announced.”  Plus, Gollum actor, Andy Serkis had speculated that filming would occur “at some point towards the end of this year." However, the contradictory reports may be moot, as another issue could be looming and set to sidetrack its projected December, 2011 release: The film’s distribution rights. (Again.)

Of course, the distribution rights to the film was a hurdle that we thought the film had cleared long ago. In fact, it was the oldest obstacle that kept the film adaption of Bilbo Baggins’ original adventure in Middle Earth from becoming reality. With those rights being long-held by MGM, and The Lord of the Rings trilogy having been produced and distributed by Warner Bros. and New Line, the eventual agreement by the studios to team up for the prequel production would not come until years after the last installment of the LOTR trilogy had hit. Even after that, it was a nebulous period of delays and various legal drama that played out until as recently as last Fall. (When a film-threatening lawsuit from the Tolkien estate was finally settled.)

Being reportedly $3.7 billion in debt, MGM had put itself up for sale last November. As we are now rounding the month of April, the sale process seems to have hit a snag, as realistic offers remained few and far between. However, it is now speculated that the likely scenario will have Time Warner acquiring MGM, and then proceeding to minimize the debt by selling off its valuable assets (most notably the distribution rights to The Hobbit and the James Bond franchise.) Regardless, it seems that these dealings may be the mysterious culprit that has held up the production of the two-parts of The Hobbit. An official green light will not be given from the studio until the issue regarding MGM’s assets have played out.

It’s a lot of boring studio/financial talk, but it could have the potential to push back these many-times-delayed films even further. It’s been a while since we got a status update from director Guillermo Del Toro or producer Peter Jackson. For all we know, everything (script, casting, sets, scouting) might be done and they’re simply waiting to pull the trigger. It would be a real shame if the production to possibly one of the most anticipated films of all time was ready to go, and yet be forced to stand around and watch the clock.

Are things looking bleak? To paraphrase Aragorn:

"Fellow LOTR enthusiasts, my brothers! I see in your eyes the same fear that would take the heart of me! A day may come when behind-the-scenes studio financial drama ends up scrapping a film we’ve all been dying to see for the better part of a decade. But it is not this day! A day may come when a big-name star holds out for more money, sending that film’s prospects on a downward spiral of mediocrity. But it is not this day! This day, WE FIGHT! By all that you hold dear, brush-up on your Elvish and dust off your cosplay outfits. I bid you, stand FANBOYS OF THE RINGS!!!" 

IOW: Hang tight, guys.

Source: TheOneRing

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