Variety reports that Andy Vajna and Mario Kassar have sold the rights to the Terminator franchise to a newly formed company named Halycon Co., formed by entrepreneurs Victor Kubicek and Derek Anderson.

Kubicek and Anderson have announced plans to start production on "Terminator 4" soon for a summer 2009 release. While Warner Bros. had distribution rights to "Terminator 3," there is currently no deal in place in regards to a distributor for "Terminator 4."

Both execs plan to reinvent the Terminator franchise and sees "T4" as the beginning of a new trilogy. "Terminator 4" was written by John Brancato and Michael Ferris and tells of John Connor in his 30s and leading the human race against highly advanced machines with the intent of destroying mankind.

Arnold Schwarzenegger, who starred in the first three "Terminator" films, is not expected to appear in the movie.