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Paramount Pictures has finalized a deal to produce and distribute Alexander Payne’s next film, “Downsizing,” starring Matt Damon and Reese Witherspoon.

The film will mark the third time Paramount and Payne have worked together, the previous two being “Election” and most recently “Nebraska.”

The film tells the story of an Omaha man who joins the throngs of people undergoing a new process that reduces people to a tiny fraction of their size and then moves to one of the many communities of small people that are sprouting up around the world.

“Alexander will once again bring to audiences a uniquely original film, one that showcases his tremendous skill as a storyteller,” said Brad Grey, chairman and CEO of Paramount Pictures. “We are absolutely thrilled to be working with him again.”

The film will be produced by Payne and Mark Johnson and will begin production in the spring of 2016. The film is expected to bow in the fourth quarter of 2017.

“My friends at Paramount and I had an excellent time making ‘Nebraska’ together, and I am delighted to be bringing a movie once again through the Windsor gate,” Payne said.

Payne and Witherspoon are represented by CAA. Damon is represented by WME.