CBS/Paramount

Star Trek XI honcho JJ Abrams got the notice of Paramount after his deft work on Mission Impossible III. Although it made $400M a sequel seemed highly unlikely after Viacom chairman Sumner Redstone very publicly booted Tom Cruise off the Paramount lot last week. However, in an interview with Newsweek, Paramount chief Brad Grey offers an olive branch. “I still admire Tom Cruise, he is a huge movie star and a great actor and I’m sure we’ll work together in the future,” said Grey. Even stranger, the Cruise camp seems open to working with Paramount and even an ‘MI4’. Cruise’s producing partner Paula Wagner tells Newsweek “If it’s the right script why not?…we created that franchise”. If this ever happens one could assume that all parties would want Abrams back in the big chair, Cruise himself delayed MI3 for over a year to wait until Abrams was ready for his big debut. Let’s just hope that any MI4 project does not bump into Star Trek XI…that other little Paramount franchise Abrams is working on.

Last night it was revealed that Paramount Pictures has ended it’s long relationship with Tom Cruise and producer partner Paula Wagner. It has been reported that Paramount Chief Brad Grey and Cruise/Wagner were in negotiations for restructuring their deal (downwards), and most expected them to come to a deal. Now it appears that Viacom Chairman Sumner Redstone (pictured with Cruise: right) has stepped in and cut off all talks and sent Cruise packing. Paula Wagner isn’t going down without a fight and has fired back regarding how much cash Cruise has brought in to the Paramount family, stated they have been responsible for 15% of revenue since they were brought on board. She also cited bringing in JJ Abrams to the Paramount family. Abrams’ work with Cruise and Wagner on Mission Impossible 3 convinced Paramount they wanted him for the long term; recently signing him to a 5 year deal with Star Trek XI as his first film.

Paramount has chosen Star Trek XI producer JJ Abrams’ debut film to make a bit of Hollywood history. According to the industry trades, Mission Impossible III (which Abrams directed and co-wrote) is to be the first film to be simultaneously released on both HD-DVD and Blu-ray as well as regular DVD. Paramount Home Entertainment honcho Meagan Burrows has high praise for Abrams’ film: ” ‘M:I-3’ set a new standard for action films and is setting a new standard for the home entertainment experience.”

News of the JJ Abrams deal with Paramount and Warner TV hit the wires and the trades on Monday (2 days after your humble blogger brought you the news). For the most part the reports focus on how amazingly rich and powerful Mr. Abrams is about to become, but our favorite topic (Trek XI) is mentioned in almost every report…most like this tidbit in The Hollywood Reporter Abrams already is attached to direct and produce a revival of the "Star Trek" film franchise for Paramount, which is his first project under the new feature deal. but Variety (who were first with Trek XI news in April) has a bit more info on how Paramount views the Trek franchise and Abrams place in it:

Was Trek the clincher? It has been reported that Paramount’s Brad Grey has been actively pursuing Lost co-creator and MI3 Writer/Director JJ Abrams to sign on with Paramount after his deal with Disney ended this summer. Although Abrams had many suitors (Sony, Disney, Warner, etc) Grey had something the other studios didnt…Star Trek. Grey went so far as sheving another scifi project (Jon Favreau’s John Carter of Mars ) in the pipeline for 2008 to make room for a new Trek feature. Getting hold of this venerable (but now dormant) scifi franchise was a fanboy dream and something it appears that Abrams and his band of brothergeeks couldn’t resist. On Saturday the LA Times is reported (reg required) that Paramount had finally got their man for Trek XI and beyond.