Peter Jackson in negotiations to direct ‘The Hobbit’

Almost one month after Guillermo del Toro dropped out of directing "The Hobbit," "Lord of the Rings" director Peter Jackson is in talks to helm the two films in the franchise. While we wait for the studios involved or Jackson's manager to confirm, there are lots of questions that remain before "The Hobbit" can actually begin production, let alone reach the big screen.

First, MGM, the debt-laden studio that owns 50 percent of the rights to the classic tale, is facing an uncertain future. The studio failed to attract bids high enough to satisfy its creditors during an auction earlier this year, and the latest plan may see Spyglass Entertainment running the studio in a prepackaged bankruptcy, according to the Wall Street Journal.

Talks are continuing and no decision has yet been made, though some resolution is needed before the studio's debt waiver expires in mid-July.

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