Several online sources are confirming that the long await film adaption of “The Hobbit” has been officially greenlite this week. And in even better news, Peter Jackson will officially direct at least two new Hobbit films.

From the Wrap:
In the agreement completed this week, Jackson’s deal was finalized and MGM and Warner Brothers agreed to give the project its long-awaited greenlight.

Additionally, the NY Times report that MGM has worked out their financial problems are good to go:
Warner Brothers’ New Line Cinema unit and MGM have worked out their deal to finance the pair of films to be based on J. R. R. Tolkien’s novel.

Production for “The Hobbit” will begin in February. It’s unsure how the union dispute currently going on in New Zealand will affect the project, but I reckon it’d be resolve before production begin next year.

Be excited folks, it’s been a long time coming!! Oh and the film will also be shot in 3D (boo, hiss).

Source: Geektyrant