CinemaCon: Michael Bay's Postponed Film Gets a New Release Date

Michael Bay

"Do you ever get sick of actors that make $15 million a picture, or ... $200,000 for voiceover work that took ... one hour and 43 minutes ... and then complain about their jobs?"

The found-footage movie -- which was originally to have opened Feb. 28 of this year -- also gets a new title.

LAS VEGAS -- Michael Bay's low-budget found-footage movie is back on the release calendar with a new name.

Paramount vice chairman Rob Moore revealed Monday night that Project Almanac, produced by Bay and previously titled Welcome to Yesterday, will open in theaters Jan. 30, saying it is sure to spark strong interest among younger demos.

Moore shared the news in Las Vegas, where he touted the studio's upcoming slate at CinemaCon, the annual gathering of exhibitors.

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Produced by Bay, the film was to have opened Feb. 28, but Paramount pushed back the release to 2015 in order to partner with MTV Films and refine the marketing campaign. Project Almanac tested stronger than expected among moviegoers under the age of 30 and is being released on the same weekend that found-footage hit Chronicle opened in 2012.

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Paramount will use the MTV connection to reach the teen and college demographics.

Dean Israelite directed Project Almanac, which has a budget in the $10 million to $15 million range. Bay, whose Paramount tentpole Transformers: Age of Extinction opens June 27, produced it with his Platinum Dunes partners Brad Fuller and Andrew Form.