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Warner Bros is Picking Up All of the $500M Bill for 'The Hobbit'

by
January 6, 2011
Source: Deadline

The Hobbit - Warner Bros

An interesting announcement hit Deadline today regarding the production status of Peter Jackson's The Hobbit. With shooting initially set to start in just a few months and a cast coming together, details about its financing are now coming out. The real news is that MGM and Warner Bros have finalized a deal that gives Warner Bros complete worldwide theatrical distribution on the Peter Jackson-directed The Hobbit. How did they get that? Warner Bros is paying the "entire cost of the two installments... a price-tag that is expected to exceed $500 million." At least this means it'll finally be able to start shooting without any more problems.

Deadline explains that MGM was essentially trying to hang on to their pieces of international distribution, but had to let go of them to Warner Bros. Therefore it was suspect that they were paying for the whole thing and, well, Deadline has confirmed that. So hopefully you're happy knowing that Warner Bros is paying most of the $500 million (thanks mostly to Inception and Harry Potter this summer) budget for The Hobbit. I'm just happy that this means we'll finally be able to get under way and not have to worry if MGM will make it out of debt or just flounder for a while longer. And in the meantime, Jackson is finishing casting the movies.

So far we know he's got Ian McKellen and Andy Serkis, but Deadline says "possibly Elijah Wood" and Orlando Bloom being in talks, the latter of which we've heard before. The rest of the cast includes Martin Freeman, Cate Blanchett, Richard Armitage, James Nesbitt, Aidan Turner, Rob Kazinsky, Stephen Hunter, Sylvester McCoy and Mikael Persbrand. "The two Hobbit films are set to begin production in February 2011, with release dates targeted for December 2012 and December 2013. Jackson will utilize groundbreaking visual effects and his incomparable storytelling to bring Tolkien's novel to the big screen." As we know, both Hobbit movies will be filmed in Digital 3-D on 30 RED EPIC cameras. We'll continue to keep you updated!

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  • Crumb
    still so excited for the 30 red cameras and 3d on this.
  • Xerxex
    Its finally on track, good news! Jackson don't fail us now!
  • Silencio!
    500 Million dollars, that is obcene.
    • Dltm64
      yea, it is...........but what's even crazier is they'll MAKE at least a BILLION on it. and my money for tickets and the bluray directors cut will be part of that .
  • Jon A.
    Warner Bros owns.
  • Anonymous
    Have to admit, looking forward to this/these. Can't imagine it will suck after what Jackson did with LOTR.
  • THE DORK KNIGHT
    Did not the first 3 cost 350MM-500MM in total for all 3?
    • Anonymous
      Just under 300 million for all three...
  • http://twitter.com/CraigPartain Craig Partain
    Yes, the Lord of the Rings trilogy did cost $285 million, according to wikipedia. But that was 10 years ago. Adjusting for inflation, that's $375 million in today's currency.
  • http://twitter.com/ModAmericanMan Modern American Man
    Honestly, $500 Million is not that bad considering what the end result will be. Exciting stuff.
  • Jimmy Love
    I always liked the Hobbit better than LOTR, So this will be great in a 2D theater though!
  • DoomCanoe
    god i love the WB
  • thatguyfromthatplace
    That's 50x the budget for Pete The Dragon!!!!
  • thatguyfromthatplace
    That's 50x the budget for Pete's Dragon!!!!
  • http://twitter.com/A5J4DX A5J4DX
    cant wait!
  • Wokkiee
    500$ Million to make minimum 1 billion from: -DvD sales -Blu-ray sales -Movie rentals -Theatre showings -Merchandising

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