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Kill the Hobbit Subsidies to Save Regular Earth

The much-anticipated first film of “The Hobbit” trilogy has its U.S. premiere on Dec. 14. If the series matches the performance of “The Lord of the Rings” trilogy, it will gross about $3 billion.

So how much taxpayer money, would you guess, did Warner Bros. Entertainment Inc. need to produce the films based on the J.R.R. Tolkien book? The answer is zero. The studios are investment companies, and the films are almost certain to be immensely profitable.