Paramount has confirmed the long in the works deal to co finance and distribute the reboot of James Cameron’s Terminator franchise creation. Highbrow picture maker Megan Ellison spent over $20 million for the rights in 2011, and the project didn't go very far. Things finally started percolating when Megan Ellison and her Annapurna Pictures joined forces with brother David Ellison, whose Skydance Productions has a deal with Paramount and makes popcorn movies. Avatar’s Laeta Kalogridis and Patrick Lussier have been working on the script for months. Arnold Schwarzenegger returns as the title character and the hope is to get at least two movies done before North American copyright reverts back to Cameron, who might want a fortune or might want to retire the franchise. Here’s the announcement: Skydance Productions, Annapurna Pictures and Paramount Pictures have jointly announced they will partner on a rebooted “ TERMINATOR ” movie, to be released by Paramount Pictures on June 26