telegraph.co.uk recently ran this small article, which should be taken with a large grain of salt: Sir Ian McKellen’s dream of reprising the role of Gandalf – the role that turned the stage actor into an international film star – looks like being realized after all. Last year, it had looked a distinctly forlorn hope after Sir Ian’s friend Peter Jackson, the director of the The Lord of the Rings trilogy, said he wanted nothing to do with turning Tolkien’s other great work, The Hobbit, into a film after a row about money with the production company New Line Cinema. Now, however, Jackson appears to have patched things up with New Line’s founder, Bob Shaye, and the film looks back on course.

By a happy coincidence, Sir Ian is currently in New Zealand performing in King Lear and plans to dine with New Line’s bosses shortly when he will make it clear how keen he is to play Gandalf in the new film.

Starting your own record company would never rank in any financial adviser’s top 10 investment tips: in fact, it would be in the high-risk category, along with buying a racehorse and backing an independent movie. But that has not deterred Elijah Wood. Nor is Simian Records some sort of vanity project for the record mogul formerly known as Frodo. If it were, he would hardly be signing as his first act a cult band who have been slogging away for the best part of 15 years without managing a single hit. It must, therefore, be his genuine love of their resolutely uncommercial psych-pop music that prompted Wood to make his debut as a label boss this summer by releasing, to a largely indifferent world, New Magnetic Wonder, the sixth studio album by the Apples in Stereo. Wood signed the Apples not so much because of his belief in their untapped commercial potential as from a simple desire to share his love of their music. [More]

Observant Compa_Mighty has now written in with more fresh Hobbit news. Word reached our ears months ago that Sam Raimi would direct “The Hobbit,” but everything seemed to be in flux. In the last 48 hours word has traveled fast that Peter Jackson and New Line were at least on speaking terms. IESB.net is reporting (no source named so tread with caution) that Jackson and Raimi may be on the project. Don’t believe everything you read but this story makes a lot of sense. It also seems that Bob Shaye may have been hinting at this yesterday when he said, “I really respect and admire Peter and would love for him to be creatively involved in some way in ‘The Hobbit.’ “ Notice he didn’t say he would “direct” the film but did say “involved in some way”. Anyway, stay tuned as more clues are uncovered.

The L.A. Times story that we reported on below is making the rounds in the world’s press. Everybody is re-writing the story using the Robert Shaye quotes from New Line to generate their own story. Most of the news is just a rehash but there is a story from New Zealand that confirms with Jackson’s camp that talks are happening. Read that little tidbit right here. Things are looking significantly better.

Mark, both observant and wise, writes in with a nugget about Ian McKellen in New Zealand and his comment on a possible Jackson “The Hobbit” movie. No news, but as Mark commented, “I’m just hoping this is more of “things are progressing behind the scenes but we can’t talk about it” and that the apparent thaw in relations is continuing. Not a bad read on how things might be going, especially when combined with other similar signs. Read the full story here.

A keen eyed fellow that goes by Ned sent in a very interesting link from the L.A. Times about New Line and some possible fence mending with Peter Jackson. Jackson is obviously well into pre-production on his “Lovely Bones” project but after that, who knows? The story included this juicy tidbit: “Eager to move ahead with “The Hobbit,” New Line has quietly been trying to mend fences with “Rings” filmmaker Peter Jackson, who has sued the company over his share of profits from the first “Rings” films. When asked if it was true that company insiders had been in talks with Jackson’s reps, Shaye replied, “Yes, that’s a fair statement. Notwithstanding our personal quarrels, I really respect and admire Peter and would love for him to be creatively involved in some way in ‘The Hobbit.’ “ To read the whole interesting story go right here.