Or maybe not.....

About the Hobbit?  MGM is PISSED:

In the most recent flurry of events, Peter Jackson and producing
partner Fran Walsh posted a letter Sunday night on the "LOTR" fan site
Theonering.net saying that New Line told them last week that it was
going to make "The Hobbit" without their services.

The letter
also reiterated in detail Jackson's stance on "The Hobbit" -- that he
is not willing to have a serious conversation about directing the film
until his ongoing lawsuit with New Line over what he considers improper
accounting practices over "LOTR" profits is settled.

New Line's
given reason for proceeding sans Jackson is that the studio's rights to
the pic are about to expire, and seeing as the lawsuit with Jackson
isn't moving ahead, well, the message was that New Line is.

All
of this has riled MGM, which in recent weeks has been openly touting
the fact that the newly revamped studio is serious about making "The
Hobbit" -- with Jackson.

An MGM spokesman said that "the matter of Peter Jackson directing 'The Hobbit' films is far from closed."

Though
New Line no-commented inquiries about Jackson's statement, the
mini-major's move is a loud statement to both MGM and Jackson that the
studio is in the driver's seat when it comes to "The Hobbit."

Big studio $$ vs little studio  $$.  Gee, I think the winner will be all of us.

h/t Anwyn at EV