“We’ve known this was coming for awhile now, but according to The New York Times it’s just become official: Peter Jackson will return to Middle Earth to direct The Hobbit. Honestly, it’s a move that makes the most sense. Let him finish what he started. Jackson’s deal is now finalized, as is the deal for Warner Bros., New Line and MGM to all help finance the two-part film, which some have suggested could cost upwards of $500 million for both.”
Hat tip Rob Fahrni.