LOS ANGELES, Oct 2 (Reuters) - After years of delays, Hollywood is finally close to producing a movie based on J.R.R. Tolkien's 'The Hobbit,' the Los Angeles Times reported on Saturday, citing people familiar with the matter.
Time Warner Inc's Warner Bros, its subsidiary New Line Cinema, and Metro-Goldwyn-Mayer appear to be near a deal to start production in mid-January of the two-part prequel to the blockbuster 'Lord of the Rings' trilogy.
The studios hope to release the first 'Hobbit' film during the 2012 holiday season and the second in December 2013, the newspaper said.
MGM, Warner, and New Line declined comment.
If production does not begin by the first quarter of next year, 'The Hobbit' will miss its planned release dates and will have to once again be delayed, the paper said.
One remaining hurdle is getting an official go-ahead from debt-laden MGM, which is trying to decide upon a plan for reorganization. Under a long-standing agreement, MGM owns half the rights and controls international distribution to 'The Hobbit,' the paper said.
MGM is struggling with about $4 billion of debt after being bought out in 2005. The buyers included private equity firms Providence Equity Partners, TPG, Quadrangle Group and DLJ Merchant Banking Partners, and media companies Sony Corp and Comcast Corp.
The two Hobbit films, which will be shot together, are expected to cost close to $500 million, the paper said.
(Reporting by Sue Zeidler, editing by Philip Barbara) Keywords: FILM HOBBIT/ (susan.zeidler@thomsonreuters.com; +1 213 955 6748; Reuters Messaging: susan.zeidler.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Time Warner Inc's Warner Bros, its subsidiary New Line Cinema, and Metro-Goldwyn-Mayer appear to be near a deal to start production in mid-January of the two-part prequel to the blockbuster 'Lord of the Rings' trilogy.
The studios hope to release the first 'Hobbit' film during the 2012 holiday season and the second in December 2013, the newspaper said.
MGM, Warner, and New Line declined comment.
If production does not begin by the first quarter of next year, 'The Hobbit' will miss its planned release dates and will have to once again be delayed, the paper said.
One remaining hurdle is getting an official go-ahead from debt-laden MGM, which is trying to decide upon a plan for reorganization. Under a long-standing agreement, MGM owns half the rights and controls international distribution to 'The Hobbit,' the paper said.
MGM is struggling with about $4 billion of debt after being bought out in 2005. The buyers included private equity firms Providence Equity Partners, TPG, Quadrangle Group and DLJ Merchant Banking Partners, and media companies Sony Corp and Comcast Corp.
The two Hobbit films, which will be shot together, are expected to cost close to $500 million, the paper said.
(Reporting by Sue Zeidler, editing by Philip Barbara) Keywords: FILM HOBBIT/ (susan.zeidler@thomsonreuters.com; +1 213 955 6748; Reuters Messaging: susan.zeidler.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.