TORn's podcast, which was delayed due to the high traffic they got after they broke the news of GdT leaving The Hobbit:
http://www.theonering.net/torwp/2010/05/31/36943-theonering-net-podcast-hobbit-director-gdt-steps-down/ The following is from stuff.co.nz and I have only posted some excerpts below since it is an exhaustively long article:
http://www.stuff.co.nz/entertainment/film/3760208/Peter-Jackson-may-direct-Hobbit Peter Jackson may direct Hobbit
By TOM CARDY and MATT CALMAN - The Dominion Post
Last updated 05:00 01/06/2010
Sir Peter Jackson says he will step into the breach and direct The Hobbit himself if it becomes the only way to ensure the US$150 million (NZ$219m) film is made after the sudden departure of director Guillermo del Toro.
Wellington Chamber of Commerce has said that the film is worth "many millions of dollars" to Wellington's economy and further delays may mean the film does not start shooting until next year.
Del Toro announced yesterday he had quit the The Lord of the Rings prequel over frustration with repeated delays. He had commitments to other films and said his resignation was "the hardest decision I've ever taken".
"It was simply longer than anyone expected, the fans and the film makers," he told The Dominion Post at his Thorndon home.
"It was more a factor of the other commitments asking for a start [time] than The Hobbit needing a date to start."
Jackson and partner Fran Walsh, The Hobbit's executive producers, learned of del Toro's decision on Saturday. Jackson told The Dominion Post he was saddened by the director's departure, which was "amicable". Del Toro would continue as a Hobbit screenwriter.
Jackson met studio representatives yesterday to begin the search for a new director but wouldn't rule out directing The Hobbit himself if a suitable person could not be found.
"If that's what I have to do to protect Warner Bros' investment, then obviously that's one angle which I'll explore," he said. But stepping in as director would be difficult as he had signed writer and director contracts with Hollywood studios for two other films, with one likely to begin next year. "The other studios may not let me out of the contracts."
Del Toro, best known for Oscar-winner Pan's Labyrinth and Hellboy, was hired in 2008, when the goal was for part one of The Hobbit to be released this year. Now the earliest likely release date is 2012.
"One of my best friends died about a year ago," del Toro said. "The main thing we have in common was at age 11 we read The Hobbit. We used to spend many, many afternoons talking about how great it would be to make The Hobbit into a movie. So it was very personal to me."
He had brought his family to Wellington and had bought two homes, including one he called his "man cave". But his commitment had stretched from three years to six to make the film.
The Hobbit backers are Time Warner subsidiary New Line Cinema and MGM, but MGM was heavily in debt and up for sale.
Jackson said he did not understand all the MGM issues, but it was co-financier. "They are in no position to do that ... I would imagine it has been a significant factor in the whole thing. I know it's been very frustrating for everybody."
[...]
Jackson said The Hobbit's US$150 million budget was a ballpark figure, but it could be higher if it was filmed in 3-D.
Jackson said November was now the earliest start date for shooting, but it depended on finding the right director. "I just don't know now until we get a new director. The key thing is that we don't intend to shut the project down.
"We don't intend to let this affect the progress. Everybody, including the studio, wants to see things carry on as per normal. The idea is to make it as smooth a transition as we can."
[...]
If you're interested, at the end of the full article you can find both a brief recap of the Hobbit timeline so far, and a list of projects which PJ is already known to be involved with in some way.