Franchise sequel will face 'Speed Racer'

Looking for a Memorial Day adventure, Paramount Pictures will release Steven Spielberg’s “Indiana Jones 4” on May 22, 2008.

The Harrison Ford starrer — which resurrects the franchise after a nearly 20-year hiatus — will go up against Warner Bros. tentpole “Speed Racer,” which bows a day after “Indy 4.”

Both films are relying on the long holiday weekend to pump up numbers.

David Koepp (“Spider-Man”) penned the script for the fourth installment, which reteams George Lucas, Spielberg and Ford. LucasFilms is producing “Indy 4” for Par.

Pic is set to begin lensing by June. Storyline is being kept under tight wraps.

In their first directing effort since “The Matrix” trilogy, Larry and Andy Wachowski will helm “Speed Racer,” based on the Japanese cartoon series of the same name by anime pioneer Tatsuo Yoshida. Project reteams the brothers with “Matrix” producer Joel Silver, who is producing “Racer” for Warners.

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