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New Lines rights expire within 18 months. There is no way they can make and release a first class blockbuster film heavy in CG and special effects in that time. The clock has ticked down and their rights are virtually dead at this point. The only real options they have are
1) rush a quickie HOBBIT into production on the same level as a made-for-tv movie and get it out next summer
2) make a deal with MGM to sell the interest they still have in the project
3) make nice-nice with Peter Jackson, pay him what he thinks they owe him, and get an extension from Zaentz to allow them to make a film on the same quality level as the LOTR films.
New Line has completely wasted the last six months in this sillyness with Shaye and Jackson. Shaye is 67 years old, has not had a good production record on films since LOTR, and is coming off a financial loser he directed in MIMSY. At some point you have to wonder if his superiors think he is worth it while letting Jackson and the franchise go.
This is a business where the mantra is indeed "what have you done for me lately".
And lately Bob Shaye has been a liability to New Line and its owners.
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