Though they've been waiting for the green light for a while, The Hobbit is set to go. It was announced yesterday that Peter Jackson will direct, not that this comes as a shock. The movie that is rumored to cost $500 million will be split into two parts and filmed in 3-D. Production will begin in February 2011. According to Empire Magazine, Martin Freeman (Love Actually, Hitchhiker's Guide to the Galaxy) is rumored to play Bilbo Baggins, though Freeman hasn't confirmed or denied these rumors.
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