The Hobbit (What to Know)

After the big feud between New Line CEO Bob Shaye & "Lord of the Rings" director Peter Jackson, things have quieted down and are actually headed in the direction of reconcilement. So what does this mean for the long-rumored "The Hobbit" film?

According to Entertainment Weekly, Jackson might return for the prequel, but solely as an executive producer, with another person taking over helming duties.

MTV News attempted to confirm the rumor, but did not receive a reply from Jackson or New Line. Fortunately, Shaye & his co-CEO, Michael Lynne, gave up a few hints. "One film at a time!" Shaye laughed. "'The Hobbit' is in the future," Lynne added.

Does this mean that there's hope for the film? "There's more than hope," Lynne said with a wink.

Coming: 2009