Peter Jackson WILL Direct The Hobbit!

Tolkien fans are dancing the dance of joy this afternoon for sure. According to Deadline New York, the impossible has indeed occurred. Peter Jackson has decided to direct the two installments of The Hobbit that Guillermo del Toro bailed out on earlier this month. He had also told Sci Fi Wire earlier this month that Jackson had “said his taking over was unlikely due to current commitments. But he did leave open a slim possibility—and we say ‘slim’ because he sounded a bit reluctant.” He also told them “if that’s what I have to do (take over the directing) to protect Warner Brothers’ investment, then obviously that’s one angle which I’ll explore.” Well, it looks like he definitely explored the angle and now “his deal is reportedly being negotiated right NOW with Warner Brothers, New Line and MGM.” After the jump, you can get the rest of the scoop.