Variety has a short story rounding up the fracas surrounding the making of The Hobbit right now. Among all the regurgitation, the most interesting point is this one that provides some insight into the current thinking of MGM – which holds the distribution rights.

All of this has riled MGM, which in recent weeks has been openly touting the fact that the newly revamped studio is serious about making “The Hobbit” — with Jackson.

An MGM spokesman said that “the matter of Peter Jackson directing ‘The Hobbit’ films is far from closed.” [More]

The severing of ties between PJ and New Line did not mean Weta was automatically barred from doing The Hobbit, according to Weta chief Richard Taylor. “Peter would not impress that on us,” Taylor said, adding that he did not know much about the Hobbit project yet and had not had a chance to talk to Peter.

Taylor said he wasn’t aware that negotiations between Peter and New Line to film The Hobbit had gone as far as they had. “I was only aware they had gone as far as they had by reading today’s article.”

“We’re hopeful that we may be invited to work on The Hobbit. There’s nothing more that we would like to do in our careers.”

Taylor said that Peter would “celebrate” if Weta got that opportunity.

Still too depressed about The Hobbit to think about anything else? Well these new DVDs on sale tomorrow may cheer you up for a while. There is some cool TV on DVD coming out including: ‘Alias: Complete Seasons 1-5′, Boston Legal S2’ & ‘Da Ali G Show: Da Compleet Seereez’. Be sure to take a look at ‘Charlotte’s Web Gift Set’, ‘A Fish Called Wanda (Collector’s Edition)’ & ‘Dr. Seuss’ How the Grinch Stole Christmas! (50th Birthday Deluxe Remastered Edition)’. Personally I’m hoping ‘Star Trek The Animated Series – The Animated Adventures of Gene Roddenberry’s Star Trek’ & ‘Seinfeld – S7’ get me out of my slump! see the entire list of new DVDs available tomorrow right here. [More]

Like yourselves, many of us here have been getting more and more excited by the news that the Hobbit, whether via one or two movies, seems to be gradually drawing closer to production. The news that Jackson and MGM studios were in close talks and that production could begin as soon as 2008 or 2009 was particularly promising.

The news of New Line’s apparent veto is cutting. What does it mean for the viability of the production? Will anyone back two films if Jackson is not directing? Who are the alternatives anyway? Will WETA still do the FX, and will the production be based in New Zealand? And will actors such as Ian McKellen still want to come on board?

A few of us are discussing these things in TheOneRing.net’s IRC channel. If you to care to join us, simply drop in and join us through our java chat using your browser. Alternatively, point your favourite IRC client to our server:irc.theonering.net and join #theonering.net. Come along and vent and discuss. All we request is that you do so politely!