Tom Cruise's 'Mission: Impossible 6' Lands Summer 2018 Release Date

Paramount also announced the official release date for Alexander Payne's next film, 'Downsizing.'

Paramount celebrated Election Night by announcing release dates for several films, including the next installment in Tom Cruise's Mission: Impossible franchise.

Mission: Impossible 6 will hit theaters on July 27, 2018, the studio revealed Tuesday.

In September, Cruise closed his deal to return to the marquee action-thriller franchise after contentious dealmaking halted preproduction on the next movie, produced and financed by Paramount and partner Skydance Productions. Cruise also is a producer.

Christopher McQuarrie, who directed the last installment, Mission: Impossible — Rogue Nation, wrote the script for M:I6 and will helm.

Paramount also announced that filmmaker Alexander Payne's Downsizing, starring Matt Damon, will open nationwide on Dec. 22, 2017 — the heart of awards season. The sci-fi comedy-drama stars Damon opposite Kristen Wiig, Christoph Waltz, Alec Baldwin, Neil Patrick Harris and Jason Sudeikis.

Further, the struggling studio has set an April 28, 2017, release date for an untitled horror film and a Nov. 2, 2017, release date for an untitled event film.

Paramount has been aggressively promoting its upcoming films — it will release five movies between now and the end of the year, beginning this weekend with Denis Villeneuve's Arrival — as it fights to recover from a dismal run at the box office. There also has been a major change in leadership at parent company Viacom, which is contemplating a merger with CBS.