Not-So-Breaking News! Peter Jackson finalizing deal to direct Hobbit!

It’s the news we all knew was coming: Peter Jackson is finalizing a deal with MGM and Warner Bros. to direct two installments of THE HOBBIT. Yes, shocking, I know. Representatives for both sides confirmed the news to The Wrap with Jackson’s directing fee settled upon (likely ten jillion dollars) with only a few minor sticking points left to complete. With Jackson all but signed on the dotted line, the studios are also closing in on a greenlight for the project, which would allow Jackson to really begin work on the project, including a few months worth of casting rumors that will surely drive me to insanity (Robert Pattinson for Bilbo Baggins!).

Jackson wrote the first draft of the script and has been on-board to produce since the deal was first announced. But when Guillermo del Toro left the production due partly to scheduling delays on the part of cash-strapped MGM, having Jackson fill in as a replacement was a no-brainer.

For those hoping that things will begin moving swiftly though, you might want to take a seat and wait patiently. A source for The Wrap points out that the deal for Jackson was also just about done two weeks ago but things have been dragging on because of MGM’s complicated financial situation and the recent New Zealand actor’s union controversy.

Whatever the case, Jackson looks set to direct so if you hear any “Darren Aronofsky in talks to direct THE HOBBIT!!” rumors, you know they’re bullshit.