Looks like Warner Bros. is severly cutting New Line and mostly folding the company into itself. Certainly Shaye is being cut loose. The article is here. According to the article this won't have much affect on the Hobbit (due sometime in 2012)
http://www.variety.com/article/VR1117981598.html?categoryid=13&cs=1
http://www.variety.com/article/VR1117981598.html?categoryid=13&cs=1