Paramount Scares Up ‘Paranormal Activity 3’ for October 2011

First two parts in the low-budget franchise have already brought in $350M worldwide

It looks like "Paranormal Activity 2" fans will find out what happened to Katie and baby Hunter sooner than they thought, as Paramount will release "Paranormal Activity 3" on Oct. 21, 2011, the studio has confirmed to TheWrap.

Director Tod Williams and producers Oren Peli, Jason Blum and Steven Schneider were under incredible pressure to deliver "Paranormal Activity 2" by Halloween this year, and it looks like they'll be under the gun again in order to make that release date.

"Paranormal Activity" grossed $193 million worldwide on a miniscule budget, while the  sequel has earned $156 million since its release on Oct. 22.

"Paranormal Activity 2" only cost $3 million, so don't expect the budget for the third film to skyrocket just because the franchise is one of the most profitable of all-time.

The filmmakers will likely stick to what has been working for them, and knowing that they avoided the pitfalls that doomed the would-be "Blair Witch" franchise, I'm sure the third film will deliver the goods and continue the series' scary success.

News of a third film and its release date was first reported by Dread Central, which provided the critical quote featured on the poster for "Paranormal Activity 2."