Paramount Pictures announced today that it is making Mission: Impossible IV. The film, which will be produced by Tom Cruise, J.J. Abrams and Bad Robot Productions and will star Cruise, will be released Memorial Day weekend 2011.

"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.

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Screenwriters Josh Applebaum and Andre Nemec are attached to write the script, from an original idea by Cruise and Abrams. The studio, Cruise and Abrams are in now the process of identifying a director for the film.

Abrams's last project with Paramount was Star Trek, which he produced and directed. The film grossed $385 million globally. Cruise's Mission: Impossible franchise has grossed over 1.4 billion globally.

Mission: Impossible IV will be co-financed by David Ellison's Skydance Productions.