I guess the production vs. distribution rights haven’t quite been settled yet. MGM is talking about “tentpole” films – ones that “prop up” the studio for the entire year – and mentioned The Hobbit having possibly “one or two installments”, and hoping that Peter Jackson will direct. However as previously reported, New Line Cinema owns the production rights – so I’m not sure how this one is working out. Update: Apparently the two studios may have reached an agreement.