UPDATE: I’ve learned that Warner Bros will, in fact, pay the entire cost of the two installments of The Hobbit, a price-tag that is expected to exceed $500 million. Now, the question will be which cast members from The Lord of the Rings come back for encores. I’ve heard talk of conversations with Ian McKellen, Andy Se…

Producer/director Peter Jackson is celebrating. Warner Bros executives were locked in negotiations all day with New Zealand government leaders. Then Prime Minister John Key announced at a press conference tonight that The Hobbit back-to-back movies will be made in New Zealand. That’s a $500+ million project, and the…

Warner Bros and Peter Jackson next week will try to hash out whether the $500 million budget for back-to-back The Hobbit films will stay in New Zealand or move elsewhere. Meetings are planned that will involve Prime Minister John Key. Here’s a terrific dispatch from New Zealand Close Up: it’s long but is well worth it…

I saw yesterday’s breathless reports that Peter Jackson is close to a deal to direct The Hobbit — and I am bewildered how anyone slaps an “exclusive” tag on a story Deadline broke back on June 25th. That’s when Jackson moved from co-writer/producer into the director’s chair. Recent reports by the LA Times and NY Times…