It seems that Warner Bros and MGM have a lot of confidence in Peter Jackson as they agreed to a third The Hobbit film without a budget or script. According to The Hollywood Reporter, Jackson's decision to pursue a third film kicked off a large volume of meetings as they worked towards a decision.

"If anybody had been a big hindrance, it wouldn't have happened," says a source with ties to the movies. "It was such a short window of time to make this decision, if anybody had said no, it would have been two movies."

The Hobbit writing team of Jackson, Fran Walsh, and Philippa Boyens started the ball rolling in a meeting with in early July in a meeting with executive producer Alan Horn, New Line's Toby Emmerich and Carolyn Blackwood. While the writers went back to New Zealand for pick-up shots, the three executives started working on getting a deal done. This including locking up the cast before the official announcement.

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