MGM has wasted no time letting the world know that they’ve come to their senses regarding the long awaited prequel, The Hobbit. The studio along with Warner Bros released a joint press statement to the media confirming all the things we want to hear. Peter Jackson will direct the film, it’s been given the green light, and it’s scheduled to go into production relatively soon. Check out the specifics below…

Jackson, who directed all three “Lord of the Rings” films, will helm the two films back-to-back, telling the story of “The Hobbit” in two parts. Jackson will utilize groundbreaking visual effects and his incomparable story-telling to bring J.R.R. Tolkien’s novel to the big screen. Both Hobbit movies will be filmed in Digital 3-D, using the latest camera and stereo technology to create a high quality, comfortable viewing experience. Jackson also co-wrote the screenplays with Fran Walsh, Phillipa Boyens and Guillermo del Toro.

(Los Angeles, October 15, 2010) The two films based on “The Hobbit” are now greenlit and will begin principal photography in February 2011, under the direction of Peter Jackson, it was jointly announced today by Toby Emmerich, President and Chief Operating Officer, New Line Cinema, Alan Horn, President and Chief Operating Officer, Warner Bros. and Steve Cooper, co-Chief Executive Officer of Metro-Goldwyn-Mayer Inc..

“Exploring Tolkien’s Middle-earth goes way beyond a normal film-making experience” Jackson says, “It’s an all-immersive journey into a very special place of imagination, beauty and drama. We’re looking forward to re-entering this wondrous world with Gandalf and Bilbo – and our friends at New Line Cinema, Warner Brothers and MGM”.

Thus far Ian McKellen, and Andy Serkis have signed on to return to the series, while Martin Freeman has been rumored to the play the role of the title character. There you have it. It’s official! Bilbo is headed to the big screen and the only thing standing in his way now is time.

Are you excited that The Hobbit has finally been greenlit? Did you think it would ever happen?

Source: Slashfilm