*Movieline is reporting that Sony is moving forward with a third film in the “Men in Black” franchise now that “Spider-Man 4” has been scrapped.

Will Smith, Tommy Lee Jones and director Barry Sonnenfeld will all return for the alien blockbuster, which Sony will release in 3D on Memorial Day 2011, according to the Web site.

“Spider-Man 4” had previously been reserved for Sony’s Memorial Day weekend next year.  But, the film stalled due to creative differences over which villain should be used.

Sony, Columbia and Marvel Studios will instead reboot the Spider-Man franchise with a new series of films showing Peter Parker in high school. Director Sam Raimi and stars Tobey Maguire and Kirsten Dunst, who had been involved with the first three big screen successes, will no longer be a part of  the franchise going forward.