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Guillermo Del Toro's "The Hobbit" Is On Hold

The prequel to the Lord Of The Rings trilogy has now been put on hold.

The Hobbit, an adaptation of the classic J.R.R. Tolken novel, was set to shot this summer has been put on hold due to the recent financing issues with the studio producing the film, MGM. At first when this was just a rumor, producer Peter Jackson dismissed the rumors according to IMDB:

Lord Of The Rings director Peter Jackson, who will act as producer on the new film, recently dismissed rumors of trouble with the picture, insisting: "It's not really been delayed, because we've never announced the date".

During a press conference for Splice, a picture that Hobbit director Guillermo Del Toro produced, the cat was let out the bag -- The Hobbit has been delayed:

(VIA Hollywoodnews.com)

“We’ve been caught in a very tangled negotiation,” said del Toro. “There can not be any start dates until the MGM situation gets resolved. They do hold a considerable portion of the rights.”

Ironically the financial problems of MGM have prevented production to move forward on the next James Bond film, which was set to be released in 2011/2012. If production had went ahead, it would have been the 23rd Bond film in the franchise with Daniel Craig taking the lead once again as Agent 007.

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