Tom Cruise made Paramount a lot of money when he decided to star in the Mission Impossible franchise for Paramount, which was originally based on a television series of the same name. Cruise is now planning a similar endeavor with the 'Man from UNCLE', which is based on a TV show from the 1964-1968 Spy series. 
Tom Cruise with his ex-wife Katie Holmes
The show was created by Ian Fleming, and gained a lot of momentum through the success and popularity of the James Bond films. A feature film adaptation was set to go off the ground a couple of years ago with George Clooney starring and Steven Soderbergh directing, but it never went into production because Clooney's physical health wouldn't permit such a rigious action role.
That's certainly not a problem for Cruise, who remains in top physical condition even as he goes into his fifties. Right now, Guy Ritchie [of Sherlock Holmes and Rock n Rolla] is set to direct the film.
Tom Cruise in a promotional image from Mission Impossible: Ghost Protocol
Deadline originally reported on this deal, and also said that this would give Cruise another Mission Impossible-esque franchise if it succeeded. The big question is whether it will succeed, especially as Cruise's latest film Jack Reacher didn't live up to expectations. Cruise will next be seen in Oblivion, which comes out April 19th.
The trailer for Mission Impossible 4: Ghost Protocol
