New Line head Alan Horn warned Variety that "The Hobbit" will most likely arrive at the end of 2012. The delay is part of a new focus on running a tighter ship, releasing only a half-dozen films a year.
"It's a big bet for us. But it's one we think will pay off given the success of 'Lord of the Rings,'" New Line president Toby Emmerich told Variety. "This is one of the few movies it feels like people are waiting for."
Too true. One rumor after another has circulated about the casting for the Guillermo del Toro directed, Peter Jackson produced two-movie saga. But it turns out that there are no plans to start casting -- or budgeting -- until Jackson and his team have completed the script for the second installment.
It's a shame del Toro's vision for Bilbo and friends will be delayed, but at least we as a nation can stop chasing breathless rumors for a few months.