Paramount will distribute the film theatrically and via home video worldwide next year, but has not yet chosen a release date. Select international territories will be handled theatrically by MGM.
Rob Corddry, Craig Robinson and Clark Duke are reprising their roles from the comedy, which grossed $64 million worldwide. Steve Pink ("About Last Night") is directing from Josh Heald's script.
Adam Scott ("Parks and Recreation") also stars. The film is produced by Andrew Panay.
Story centers on Corddry's character getting into trouble and his friends firing up the hot tub time machine in an attempt to go back to the past -- only to land in the future.
MGM and Paramount have partnered on several projects, including the upcoming "Hercules," starring Dwayne Johnson and directed by Brett Ratner, as well as "G.I. Joe: Retaliation" and "Hansel & Gretel: Witch Hunters."
Related storiesEd Helms Firing Up 'The Naked Gun' Reboot for Paramount (EXCLUSIVE)Paramount Settles Film Slate Dispute With Content PartnersBrad Pitt's Plan B Leaving Paramount for New Regency, RatPac 2013 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLCCopyright © 2014, The Baltimore Sun