Barrandov Studios has signed a contract to host Paramount's $170m GI Joe.

The $170m action film would be one of the most expensive ever in the Czech studio's history, between the estimated $150m Casino Royale and the $180m Chronicles Of Narnia: The Lion, The Witch And the Wardrobe.

Set construction for for the film is underway and director Stephen Sommers is scheduled to begin filming in Prague in May. The film will be released in August 2009.

Barrandov CEO Vladimir Kuba says the story of the film, inspired by the popular Hasbro action figure and comic books, is set in Europe. A special unit of international specialists known as G.I.J.O.E fights a dangerous organization lead by an infamous arms dealer.

Paramount, Di Bonaventura Pictures and GI Joe-creators Hasbro are producers on the project. Prague-based Stillking Films is providing local services.

Dennis Quaid and Channing Tatum star in the film, which also features Marlon Wayans and Sienna Miller.

Barrandov is currently hosting Michael J. Basset's Solomon Kane, which stars James Purefoy, Max Von Sydow, Mackenzie Crook and Rachel Hurd-Wood.

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