According to Variety, McAdams will play a news producer who clashes with Ford's ageing news anchor as they attempt to revive their breakfast show's flagging ratings. Reese Witherspoon had previously been in contention to play the female lead.
Roger Michell will direct the movie from a script by The Devil Wears Prada's Aline Brosh McKenna.
Abrams is producing the movie for Paramount through his Bad Robot production company. He previously wrote the Ford drama Regarding Henry.