Paramount Pictures announced yesterday that it is making Mission: Impossible IV, with a scheduled release date of Memorial Day weekend 2011.

The movie will star Tom Cruise as Ethan Hunt and will be produced by Cruise, J.J. Abrams, and Bad Robot Productions. A director has yet to be chosen. Writing duties will be up to Josh Applebaum and Andre Nemec, using an original idea by Cruise and Abrams.

J.J. Abrams and Tom Cruise on the set of Mission: Impossible III.

"Tom and J.J. are great talents and we are excited to be working with them to re-launch this legendary franchise," said Paramount Pictures Chairman & CEO, Brad Grey. The fact that Mission: Impossible III made nearly $400 million worldwide probably has something to do with their excitement as well.

I liked MI:3, but that had a lot to do with the choice of Philip Seymour Hoffman, who played the villain perfectly. Hopefully, Ving Rhames, Michelle Monaghan, and Simon Pegg will reprise their roles, too.

Source: Paramount Pictures Press Release