Alexander Payne Reteams With Paramount for Matt Damon-Starrer 'Downsizing'

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Alexander Payne

Matt Damon and Reese Witherspoon will star.

Alexander Payne is teaming with Paramount for the third time, with the studio signing on to produce and distribute his next directorial effort, Downsizing.

Matt Damon and Reese Witherspoon will star in the film, which tells the story of an Omaha man who joins the throngs of people undergoing a new process that reduces people to a tiny fraction of their size and who move to one of the many communities of small people that are sprouting up around the world.

Paramount previously distributed Payne's black-and-white film Nebraska and 1999's Election.

"Alexander will once again bring to audiences a uniquely original film, one that showcases his tremendous skill as a storyteller. We are absolutely thrilled to be working with him again," said Brad Grey, chairman and CEO of Paramount Pictures.

The film will be produced by Payne and Johnson and will begin production in the spring of 2016. It's expected to be released in the fourth quarter of 2017.