After the poorly received TMNT movie managed to claw at a box office victory this weekend ($65 million domestic, according to Box Office Mojo), Paramount are expanding their investment in a big way. The studio has just announced that they’re turning Teenage Mutant Ninja Turtles into a franchise – appropriate, since that’s director Michael Bay’s specialty these days.

Teenage Mutant Ninja Turtles
The turtles will return in 2016, but is it a good thing?

Besides the CGI-powered dinosaurs that the movie presents as Leonardo, Donatello, Michelangelo and Raphael, the sequel also stars Megan Fox and Will Arnett. The sequel has been assigned a projected release date of June 3, 2016.

More: Ninja Turtles Is Awful - But It's Gonna Take $60 Million

Paramount president Adam Gardner had this to say about the project (via Deadline): “‘Launching a new take on the Turtles into the feature film world was a daunting task because, as fans of them ourselves, we felt a great responsibility to ensure audiences were going to experience everything they loved about the Turtles, while also getting to see them brought to life in a way they had never been seen before.”

So basically, the fanboys and fangirls are happy (or at least buying tickets).

Watch the TMNT trailer below.

Deadline also reported the impressive production team that's getting behind the sequel. Bay will share producer duties with his Platinum Dunes partners Andrew Form and Brad Fuller, with Galen Walker and Scott Mednick. Screenwriters Josh Appelbaum & André Nemec (Mission: Impossible, Ghost Protocol) are again coming aboard to write the sequel and will also receive an exec producing credit.