‘Transformers 3’ Release Date Already? Maybe Not [UPDATED]

[UPDATED @ 1:19 Pacific] The blow story seems to be shot down by Michael Bay himself. More as we get it.

Talk about jumping the gun…Transformers 2 has not even come out yet and Paramount and DreamWorks have just announced a July 1, 2011 release date for Transformers 3. There is no deal in place with any cast or crew, much less a script, but the two studios wanted to supposedly limit the competition for what is already getting to be a crowded summer 2011. More on this as we get more news, probably in six months to a year from now.