Peter Jackson not making the Hobbit

I just found out via TheOneRing.net™, that Peter Jackson, director of the Lord of the Rings trilogy, will not be making the Hobbit prequel. This is terribly disappointing. I don't know who else I would trust with this movie, since he did such a great job with LOTR. I'm a huge LOTR fan, but I'm afraid the Hobbit would stink without our beloved PJ at the helm.