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The Lord of the Rings prequel had initially been announced for a December 2011 bow, however backers New Line and Warner Bros are now waiting for screenwriters Peter Jackson, Fran Walsh and Philippa Boyens to turn in scripts for both movies before proceeding with the blockbusters.
The restructuring of financially-ailing studio MGM, which shares rights with New Line for The Hobbit, is also likely to be factoring into the delay.
"It's a big bet for us. But it's one we think will pay off given the success of Lord of the Rings," said New Line chief Toby Emmerich. "This is one of the few movies it feels like people are waiting for."
Sir Ian McKellen, Andy Serkis, Hugo Weaving and Cate Blanchett are expected to reprise their roles from the original trilogy in The Hobbit, which centres on the adventures of a young Bilbo Baggins.
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