After the success of the Lord of the Rings films, you’d think The Hobbit would follow as quickly as a new vampire flick.

But the movie has been delayed by MGM’s financial problems. The L.A. Times reports that “barring a last-minute glitch,” production on the first of the planned two movies might start in mid-January, with a 2012 holiday release date, followed by the second film a year later.

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