Cruise Signs on for Fourth Mission: Impossible

Tom Cruise will star in the fourth installment of Mission: Impossible, according to Paramount Pictures, and will also produce the film with J.J. Abrams and Abrams' production company. No director has been named yet, but the film is scheduled to be released Memorial Day weekend of 2011. The sequel will finally backed in part by Skydance Productions, which recently made Taylor Lautner the highest-paid teen actor of his generation. The Mission: Impossible franchise has already grossed $1.4 billion globally.