Cloverfield—the cute lil' blockbuster with, in the parlance of Variety, "a $25 million budget, a strong concept and cast of unknowns"—is set to get the inevitable sequel treatment. Director Matt Reeves is talking to Paramount as we speak—it's mostly just boring, getting-to-know-you chit-chat at the moment, about Reeves' new haircut—and producer J.J. Abrams and writer Drew Goddard likely will be involved as well.