‘Hobbit’ film greenlit by MGM, Warner Bros.

‘Hobbit’ film greenlit by MGM, Warner Bros.

MGM Studios and Warner Bros. have finally scheduled to begin the filming of “The Hobbit” in February 2010 after encountering delays related to MGM’s reorganization and financial troubles, according to anonymous sources.

Half of the financing was secured by MGM for the two-part prequel to J.R.R. Tolkien’s “Lord of the Rings” trilogy. The cost of production for the film could reach up to $600 million.

Guillermo del Toro withdrew earlier this year from directing the movie because of the prolonged delay. Producer Peter Jackson, who also directed the three-part LOTR films, will now helm it instead. “The Hobbit” is scheduled to be released in 3D format.

The “Lord of the Rings” films have earned a combined $2.91 billion worldwide, according to film industry researcher Box Office Mojo.

“The Hobbit” is planned to replicate that box-office success of its literary sequel in order to boost MGM’s finances which is currently in shambles pending a debt restructuring program.

But the scheduled start of production may be moved later because of a labor dispute as well as MGM’s restructuring steps.

The Screen Actors Guild and other labor unions of the film industry are encouraging members to refuse non-union jobs on “The Hobbit” films.

The guild wrote a memo to members urging them to boycott the film project in support of movies by the New Zealand Actors Equity and Media Entertainment and Arts Alliance.

Peter Jackson has threatened to move production from New Zealand to another location if the labor dispute is not resolved soon.

Posted by Kade Quinn on Sunday October 17 2010, 8:39 AM EDT. All trademarks acknowledged. Filed under Entertainment, Featured News. Comments and Trackbacks closed. Follow responses: RSS 2.0