Paramount Pictures has officially greenlit Mission: Impossible 3 with production set to begin on July 18th in Italy.
The curiousity late last week over whether or not the film would actually take place was apparently not without complete truth. No, Cruise’s weirdness as of late wasn’t an issue, the main problem with the film was the growing budget, which was finally reigned in by Paramount chief Brad Grey at just north of $150 million and a gross payout to Cruise of 30%. Yeah, Cruise ain’t doin’ too bad on that deal.
Variety goes on to report that the budget was cut by a reported 10%, which eliminated plans to shoot in Shanghai and several other exotic locales, but the film will still be made up of locations across Europe, the U.S. and Asia, and is scheduled to be released May 5, 2006. Cruise and his partner, Paula Wagner, will produce for Cruise/Wagner Productions.
Cruise/Wagner Prods. has been housed at Par for more than a decade and Grey seems happy as a clam at the prospect of another Mission, “Tom’s history with Paramount has made for one of Hollywood’s most successful relationships; the opportunity to continue our collaboration with him on Mission: Impossible 3 is everything anyone in show business could hope for. This has been a great franchise for Paramount Pictures and fantastic entertainment for moviegoers around the world. We’re thrilled to be embarking on this exciting third Mission with the amazing talents of Tom Cruise, J. J. Abrams, and the whole M:I 3 team.”
Along with the confirmation announcement word was released that Philip Seymour Hoffman will also be joining the cast of the film as he joins already cast Ving Rhames, Jonathan Rhys Meyers, Michelle Monaghan and of course Tom Cruise as Ethan Hunt.