Accordin' 2 blu-ray.com (posted 2day 10/19/09):
The low-budget horror movie 'Paranormal Activity' is still enjoying a successful life in theaters, with an estimate box office of over $33 million in a limited, yet expanding release. However, its director Oren Peli has already hinted at some content that will hopefully appear on the Blu-ray, including several alternate endings.
Oren Peli has told Dread Central that the original version of the movie had an ending that screened in a few festivals (such as Screamfest LA and Slamdance) and, according to Peli, "most people generally said that they liked it." However, when Dreamworks "got involved" with the movie, it was decided to "tinker with the ending to see if we could come up with something better," and Steven Spielberg suggested a dénouement that tested "really well" and thus was eventually the one that was used.
Peli admits to having shot many endings - "I don't even want to say how many." Three were actually shown publicly: the current one, the original one, and "one other ending which we screened once that some people loved, and others thought was very inappropriate, but maybe they will all make their way to the DVD and Blu-ray."