The HOBBIT is now greenlit & now has a scheduled release date

People of Middle Earth, Rejoice! It is now officially confirmed that MGM and Warner Bros. have reached an agreement to move ahead with the highly-anticipated LOTR prequel The Hobbit!

Peter Jackson has officially signed on to direct the pair of films that will cover J.R.R Tolkien's seminal novel. They will be shot in New Zealand with an eye on a February start. The reported budget is estimated around $400 million for the total package.

While protagonist Bilbo Baggins has yet to be cast, Ian McKellen will reprise his iconic role as Gandalf the Grey, while Hugo Weaving's Elrond and Cate Blanchett's Galadriel are expected to appear.

The first installment in the epic two-parter will hit theaters in December of 2012 while the second will follow in December 2013, ten years after The Lord of the Rings: The Return of the King hit theaters.

SOURCE: The Wrap