After the amazing box office run for "Paranormal Activity" a movie studio would be negligent to moviegoers and its shareholders if it didn't consider a sequel.  Therefore, it's no surprise that Paramount Pictures is looking at all its options as they celebrate their profitable bonanza.  Speaking to The Los Angeles Times today, studio Chairman Brad Grey is leaving the door open for a second installment of the online and word-of-mouth phenomenon.

Grey is quoted as saying, "We have the rights on a worldwide basis to do 'Paranormal 2' and we're looking to see if that makes some sense."

"Paranormal Activity" has already made $62.5 million in the U.S. after it was acquired for only a paltry $300,000.  The studio does not hold worldwide rights to the original, but has that option on the sequel.

In 2000, now defunct Artisan Entertainment rushed a sequel to the 1999 blockbuster "The Blair Witch Project" into theaters only a year after the original made a stunning $140 million domestic.  Titled "The Blair Witch Project: Book of Shadows," the picture featured a whole new cast and creative team.  It was a complete critical and box office misfire only grossing $26.4 million.

If Paramount does move forward, it would be smart to avoid the mistakes Artisan made by bringing back writer and director Oren Peli as well as any of the surviving cast members.  Peli is already at work on an independently produced Sci-Fi flick "Area 51," but considering the careers of the "Blair Witch" filmmakers (they don't really have one), he should also take a sequel offer to "Paranormal" very seriously.

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