Paramount has hired screenwriter Michael R. Perry and Saw VI director Kevin Greutert to create a sequel to Paranormal Activity in time for an October 22 release.

Oren Peli, who dreamed up the first, is on as a producer.  He told the Hollywood Reporter, “These guys get it, and the fans won’t be disappointed.” Of course he’s going to like the idea.  Paramount is paying for this sequel and fronting the bill for his Area 51 (in post-production).  What was he supposed to say?  The studio already owned the rights to an inevitable follow-up, he may as well collect a paycheck for a producer credit.  Maybe I’m just cynical.

Greutert made his directorial debut on the sixth Saw, which ironically was beaten by Paranormal Activity during its fascinating run last Fall.  He also edited the first five torture porn movies.  In an aggressive move, especially after poaching their talent, Paramount pit the ghost story against the Saw series (Saw VII) on the same October date.

Up to this point, Perry has only penned television episodes and produced a single season of “Law and Order: Special Victims Unit.”  However, his script for The Voices landed on the 2009 Black List with 40 votes last month, the third highest of the “most liked scripts in Hollywood.”

The original PA was made on a mere budget of $15,000 and grossed $151 million worldwide after a savvy viral marketing campaign and strong word of mouth.  The sequel was discussed last October, but we still don’t know story details yet.

Spoiler Speculation: Theories point to the theatrical ending that was ultimately re-shot and included because Katie lives, rather than the alternate endings where she dies to police gunfire or slits her throat.  Will she return for the continuation?

Hopefully the team has a solid story idea in mind and they aren’t just rushing this into theaters a year later for the easy money.  This reeks of Book of Shadows: Blair Witch 2.