Tom Cruise returns for 'Mission: Impossible 5'

LOS ANGELES -- Actor Tom Cruise is set to produce "Mission: Impossible 5" and reprise his long-running role as daredevil special agent Ethan Hunt in one of Hollywood's most profitable films, Paramount Pictures and Skydance Productions announced Tuesday.

"We are thrilled to be partnering with Tom on 'Mission: Impossible' once again," said Paramount Pictures President and CEO Brad Grey. "The last installment of the Mission series was the biggest in the life of this franchise. Tom has been at the heart of its success and we look forward to his great talent, and the continued global appeal for another Mission, to drive fans around the world to the next chapter of this series."

The proposed installment will see that Cruise, Paramount and J. J. Abrams' Bad Robot Productions join hands to develop the story. Skydance Productions will also take part in the development and production of the latest installment of one of Hollywood's most successful franchises in recent memory.

The series, which has been a blockbuster hit, has rolled up more than two billion US dollars in ticket receipts at the global market.

However, Paramount and Skydance have not announced who would write a script and who would helm the project. Christopher McQuarrie, who directed last year's Cruise starrer "Jack Reacher," will reportedly helm the fifth project.

Cruise, who as a successful actor, producer, and philanthropist, has earned three Academy Award nominations and a triple of Golden Globe Awards. He is one of Hollywood's most bankable actors as his films have garnered over eight billion dollars worldwide.

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