Matt Damon, Reese Witherspoon Movie ‘Downsizing’ Acquired by Paramount

The film will serve as Alexander Payne‘s follow-up to “Nebraska,” which was also released by Paramount

Paramount Pictures has finalized a deal to produce and handle worldwide distribution for Oscar-winning filmmaker Alexander Payne‘s next movie “Downsizing,” which will starring Matt Damon and Reese Witherspoon, the studio announced Friday.

The film marks the third collaboration between Payne and Paramount, which most recently distributed his Oscar-nominated comedy “Nebraska.” There was no word on whether Alec Baldwin, Neil Patrick Harris or Jason Sudeikis would co-star in the film, as previously rumored.

“Downsizing” 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 moves to one of the many communities of small people that are sprouting up around the world.

“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/CEO of Paramount Pictures.

“My friends at Paramount and I had an excellent time making ‘Nebraska’ together, and I am delighted to be bringing a movie once again through the Windsor gate,” added Payne.

The film will be produced by Payne and Oscar winner Mark Johnson, and will begin production in the spring of 2016. The film is expected to release in the 4th quarter of 2017.

Payne and Witherspoon are represented by CAA, while Damon is repped by WME.