The film, to be directed by J. J. Abrams and filmed on locations across Europe, the U.S. and Asia, is scheduled to be released May 5, 2006. Cruise and his partner, Paula Wagner, will produce for Cruise/Wagner Productions.

"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," said Grey.

The third installment in the hugely successful "Mission: Impossible" series will feature Mr. Cruise reprising his role as Special Agent Ethan Hunt, along with co-stars Ving Rhames, Jonathan Rhys Meyers, Michelle Monaghan, and the newest cast addition, Philip Seymour Hoffman.

In addition to "M:I 3," Cruise/Wagner productions include writer-director Cameron Crowe's "Elizabethtown" and "War of the Worlds," starring Cruise and directed by Steven Spielberg, which will be released worldwide on June 29th.

About Paramount Pictures

Paramount Pictures is part of the entertainment operations of Viacom Inc. (NYSE:VIA) (NYSE:and) (NYSE:VIAB) , one of the world's largest entertainment and media companies and a leader in the production, promotion, and distribution of entertainment news, sports and music.

   Contacts:

   Nancy Kirkpatrick
   323.956.5824

   M. Janet Hill
   310.752.8073

Source: Paramount Pictures; Cruise/Wagner Productions

CONTACT: Nancy Kirkpatrick, +1-323-956-5824, or M. Janet Hill,
+1-310-752-8073, both of Paramount Pictures