We were all pretty happy when Guillermo del Toro came to his wits and let Peter Jackson direct The Hobbit films. Then we were even happier when he announced he will direct his passion project, and adaptation of H.P. Lovecraft‘s At The Mountains of Madness. Now, Collider is reporting on two potential leads. Read the full story

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Paula Patton has been given a mission, should she choose to accept it. And, apparently, she has, landing the female lead in Mission: Impossible IV, which is now a pseudo-reboot kind of starring Tom Cruise, but also Jeremy Renner. We already have details on the Brad Bird film, which seem to be up to date with all of the recent narrative changes. [Deadline]

Patton, who’s been on the fringes of stardom for the last 5 years (from Hitch to Deja Vu to an impressive turn in Precious), is in good company here. Cruise and J.J. Abrams are working with Paramount on a $140 million budget.

What’s funny about all of this is that although Paramount was apparently looking to stray from depending on Cruise’s star power after the semi-disaster that was Knight and Day, Renner and Patton add about zilch in terms of box office dollars, begging the question: what?

Was Justin Bieber not available?

Are you interested in seeing M:I IV? How much of a difference will Patton and Renner?

E-mail Dan Mecca and be sure to follow him on Twitter. You can also interact with him on our Facebook page!

Only earlier today it was revealed Jeremy Renner will star alongside Tom Cruise in Mission: Impossible IV. But, don’t get attached to that name as we have more details on that and much more below (via Variety). Read the full story

E-mail Jordan Raup here. Follow him on Twitter and Facebook for the latest TFS updates!

A few days ago it was reported that Paramount had been testing Kevin Zegers, Christopher Egan and Anthony Mackie to join Tom Cruise in Brad Bird’s Mission: Impossible 4. Now Deadline reports they have gone with another Hurt Locker star instead, Jeremy Renner. Read the full story

E-mail Jordan Raup here. Follow him on Twitter and Facebook for the latest TFS updates!

Deadline is telling us that Hollywood is buzzing with news about Mission Impossible 4. The screenplay is now done and the preliminary budget is being worked out. The biggest news coming from this buzz though is that if Knight and Day, Cruise‘s recent action flick, doesn’t perform, Paramount may kill Mission Impossible 4.

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E-mail Matt Tyler and be sure to follow him on Twitter. You can also interact with him on our Facebook page!

Knight and Day is fun. That’s it. There’s not much more to it. It runs with the formula we’ve seen countless times and does it well enough to be enjoyable. The main reason why it works though: Tom Cruise. The fact of the matter is, he’s extremely likable and charming. He always has been and hopefully this will get him back on the mainstream’s good side. Read the full story

Earlier this week, we reported that Tom Cruise had been quoted confirming rumors of a feature-length film involving his Tropic Thunder character, Les Grossman. Today, Paramount Pictures and MTV Films announced that they are indeed set to develop said movie. Read the full story

Tom Cruise surprised audience as the angry producer Les Grossman in 2008′s Tropic Thunder. There have been a few rumors of a movie, but last night at the MTV Movie Awards he confirmed to E! Online the following: Read the full story

Brad Bird‘s Mission: Impossible IV has said goodbye to its May 27th release date as Paramount has announced it will now open on December 16th, 2011 (via ERC). Read the full story

Oh yes. We reported The Incredibles director Brad Bird was being considered to direct the Tom Cruise and J.J. Abrams produced Mission: Impossible IV a few weeks ago. Now Vulture has the exclusive that he has all but signed on to take on the feature. Read the full story