Previously, Jackson and Del Toro had confirmed that The Hobbit would have a December 2011 release date, but unfortunately Variety has informed that Alan Horn “won’t predict when the first of the two ‘Hobbit’ films will be out, but says the most probable scenario would be a release in the fourth quarter of 2012.”

The delays arise because MGM could its rights as part of the producer restructuring. Still, New Line will work up a budget for both films and start casting soon