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Edition: U.S. Article Comments (0) Email Print Reprints Read Microsoft hopes to bury iPhone, Android 10:17am EDT UPDATE 6-China's Wen offers to buy Greek debt 3:30pm EDT Syria's Assad rebuffs Washington by courting Iran 12:10pm EDT China's Wen offers to buy Greek debt 3:34pm EDT Microsoft hopes to bury iPhone, Android 01 Oct 2010 Shared U.S. apologizes for syphilis experiment in Guatemala 01 Oct 2010 Microsoft hopes to bury iPhone, Android 01 Oct 2010 U.S. drone strikes kill 18 militants in Pakistan 9:06am EDT China's Wen offers to buy Greek debt 3:34pm EDT Microsoft hopes to bury iPhone, Android 10:17am EDT Watched Red faces over top model gaff Tue, Sep 28 2010 Prints reveal NY’s wild 70’s period Thu, Sep 30 2010 Flash crash culprit Fri, Oct 1 2010 Report Title Price Sony Corp: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis. Provider: Reuters Investment Profile $20.0 Buy Validea Guru Analysis Report for SNE. 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Warner, MGM near approving "Hobbit" film: report Tweet This Share on LinkedIn Share on Facebook Related News Icahn pushes for MGM-Lions Gate merger: report Thu, Sep 30 2010 UPDATE 1-Time Warner CEO says TV having second golden age Tue, Sep 28 2010 Time Warner CEO says TV having second golden age Tue, Sep 28 2010 UPDATE 3-MGM Resorts files to list Macau venture, stock up Mon, Sep 27 2010 "Wall Street" sequel in mild rally at box office Sun, Sep 26 2010 Analysis & Opinion Could Google revolutionize James Bond franchise? Related Topics Fashion » Entertainment » Zagat Power Lunches » Film » Stocks LOS ANGELES | Sat Oct 2, 2010 4:30pm EDT LOS ANGELES (Reuters) - After years of delays, Hollywood is finally close to producing a movie based on J.R.R. Tolkien's "The Hobbit," the Los Angeles Times reported on Saturday, citing people familiar with the matter. Time Warner Inc's Warner Bros, its subsidiary New Line Cinema, and Metro-Goldwyn-Mayer appear to be near a deal to start production in mid-January of the two-part prequel to the blockbuster "Lord of the Rings" trilogy. The studios hope to release the first "Hobbit" film during the 2012 holiday season and the second in December 2013, the newspaper said. MGM, Warner, and New Line declined comment. If production does not begin by the first quarter of next year, "The Hobbit" will miss its planned release dates and will again have to be delayed, the paper said. One remaining hurdle is getting an official go-ahead from debt-laden MGM, which is trying to decide on a plan for reorganization. Under a long-standing agreement, MGM owns half the rights and controls international distribution to "The Hobbit," the paper said. MGM is struggling with about $4 billion of debt after being bought out in 2005. The buyers included private equity firms Providence Equity Partners, TPG, Quadrangle Group and DLJ Merchant Banking Partners, and media companies Sony Corp and Comcast Corp. The two Hobbit films, which will be shot together, are expected to cost close to $500 million, the paper said. Even as the studios finally closed in on a deal, "The Hobbit" faced another setback after a fire engulfed director Peter Jackson's New Zealand workshop, according to New Zealand's TVNZ website. The website said the cause of the fire was under investigation on Saturday after crews battled flames for three hours the day before at the studio, which would have been used to shoot parts of the film. (Reporting by Sue Zeidler; Editing by Peter Cooney) Fashion Entertainment Zagat Power Lunches Film Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. 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