Peter Jackson

After a long delay, The Hobbit has been given the greenlight, according to The Wrap.

Peter Jackson, who helmed the Lord of the Rings trilogy, has agreed to direct the two-part prequel. In addition, he will serve as writer and producer.

Guillermo del Toro drops out of The Hobbit

Jackson had passed the director's job to Guillermo del Toro earlier this year. Del Toro then dropped out in May because of production delays.

Other snags in getting The Hobbit off the ground included financing with MGM and a labor dispute with the Screen Actors Guild. Both problems continue.

The trilogy amassed more than $2.9 billion worldwide at the box office. The three films also won a total of 17 of the 30 Academy Awards they were nominated for. The last one, The Return of the King, won all 11 Oscars for which it was nominated, including best picture and director.

Production on the project is scheduled to begin in February.