Exclusive: ' The Hobbit ' has been greenlit and will start production in February, an individual close to the production has told TheWrap. As TheWrap reported previously, Peter Jackson has agreed to direct the film in addition to producing and writing the two-part project. In the agreement completed this week, Jackson's deal was finalized and MGM and Warner Brothers agreed to give the project its long-awaited greenlight. The greenlight means that millions of global fans for the revered J.R.R. Tolkien property can look forward to a prequel to ‘The Lord of the Rings,’ which was one of the most successful movie franchises in movie history.