For all those waiting for the release of The Hobbit it seems that we are all going to have to wait a little longer as it's not going to hit cinemas until 2012.
This set back means that the movie, which will be directed by Guillermo Del Toro, will be released a full year later than originally scheduled.
New Line cinema shares financing rights with MGM, which is currently in the middle of being restructured.
New Line chief Toby Emmerich told Variety "It's a big bet for us. But it's one we think will pay off given the success of 'Lord of the Rings'. This is one of the few movies it feels like people are waiting for"
This isn't the first MCG project that may face delays after it was revealed earlier this month that Bond 23 may also be pushed back.
Despite Peter Jackson not being behind the camera for The Hobbit the Oscar winner is on producing duties as well as adapting the book.
The book will be split into two movies, the second script is yet to be completed, and the cast is yet to be announced.
The likes of David Tennant, James McAvoy and Tobey Maguire have all bee linked to the central role of Bilbo Baggins. However Ian McKellan and Andy Serkis will return to their roles of Gandalf and Gollum.
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