Paramount Pictures has apparently lost a little faith in Tom Cruise after the dismal box office of his latest outing, Knight and Day. The studio has apparently slashed his salary for the upcoming installment in the Mission: Impossible franchise, the J.J. Abrams (Super 8) produced, Brad Bird (Up, The Incredibles) directed Mission:Impossible IV.

NYMag reports:

Cruise, who earned north of $90 million for the first Mission: Impossible in 1996 from gross participation and producing fees, is said to have agreed to be paid “scale” (that is, Screen Actors Guild minimum payment) [Update (7:30 p.m.): According to members of the Cruise camp, Cruise is not receiving “scale” but a substantially reduced upfront payment relative to his previous outings with the M:I films]. He will “get a nice back-end after cash break-even,” according to one insider familiar with the situation.

Mission: Impossible IV is slated to hit theaters on December 16th, 2011.