I'm not wholly surprised, given all the problems at MGM... but I am very curious as to what comes next. PJ taking over, perhaps? That'd be the best scenario in my book (although the best scenario would be MGM letting the rights go a year ago and filming already underway with a new studio. *sigh*).
I can't say I'm very enthusiastic about The Hobbit. I haven't been since I learned they mean to make two films of the book, so, I'm not as sad as you are, but I'm still a bit sad.
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