It’s sequel bonanza at Paramount where, Variety reports, Tom Cruise has signed on to co-produce Mission Impossible IV, adding to the studio’s already robust repeat roster which includes Star Trek 2 and a third Transformers. Star Trek director J.J. Abrams will also produce the project. But more interesting than the possibility of a new plot featuring Cruise as the spy Ethan Hunt is the storyline that returns the actor to Paramount. Three years ago, Viacom head Sumner Redstone booted Cruise from the company, frustrated with the size of Cruise’s salary and his off-screen antics. Recently, Redstone has been praising the star as “a great actor and a good friend.” MI:IV will be released in 2011.