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Will the Hobbit Wait For Jackson?

After `Lord of the rings: The return of the king` scooped up 11 Oscars at the 2004 academy award show, Peter Jackson became a much sought after director and there was talk about him directing `The Hobbit`, a prequel to J.R.R. Tolkien`s `Lord of the Rings`. Talks came to a dead end after the rights were tied up in litigation, but now that MGM has taken care of that, it seems as if he is clear for a landing.

`The Hobbit` was first published in 1937 and follows the adventures of the hobbit Bilbo Baggins as he travels across the lands of Middle-earth with a band of dwarves and a wizard named Gandalf, on a quest to restore a dwarven kingdom and a great treasure stolen by the dragon, Smaug.

Sounds like another potential Peter Jackson extravaganza, except he`s pretty busy nowadays. Besides the upcoming `Teneraire`, which has no specific release date, Jackson has been working on a feature adaptation of Alice Sebold`s `The Lovely Bones` due out next year. He is also producing Halo and Universal`s special effects-heavy remake of the World War II drama `Dambusters`, both slated for 2008.