The talks between MGM, New Line and Guillermo Del Toro were successful, an official official announcement of the director signing on to The Hobbit project was made during the French premiere of his latest film Orphanage.
“Today is a big day because we are announcing what everyone wanted to hear, which is that he will be directing The Hobbit,” the host reportedly told the audience as he introduced del Toro.
As I previously reported, plans are for production on the two films to begin in 2009, with releases expected in 2010 and 2011. Each segment will get a substantial budget of $150 million.
IGN notes that the first film will tell the events of The Hobbit, while film two will be about the events preceding the first film in the Lord of the Rings series The Fellowship of the Ring.