While Peter Jackson has not been confirmed as the director and The Hobbit has not even been greenlit, work on the film is still being done. Jackson has spent the past week in Los Angeles meeting with actors, and will continue his casting trip to New York and the U.K.
According to insiders, the agreement to have Jackson sign up to direct both movies is nearly done, but the fiscal situation at MGM (which holds half of the rights) continues to hold thing up. While WB is working as the lead studio and wants to get a deal done, any contract would have to be approved by MGM’s committee of creditors and financial stakeholders.
Source: The Hollywood Reporter
