Writing for Variety, Dade Hayes & Dave McNary report that Peter Jackson will produce, once he finishes with ‘ The Lovely Bones’, and that Guillermo Del Toro will direct the two Hobbit films; which will likely be released in 2011 and 2012.
The Article deals primarily with Time Warner’s dismantling of New Line, but the details about the Hobbit can be found about 1/2 way down the page.

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