Matt Damon, 40, sported a newly bald 'do this weekend when he showed up at the Venice Film Festival for his movie, Contagion, a Steven Soderbergh film which also stars Gwyneth Paltrow.

The duo looked happy and carefree as they hit the red carpet arm-in-arm, Damon drawing attention by sporting a shaved head and Paltrow wearing a form-fitting pale pink number with a long, swooping skirt. Despite his stunning costar, it was Damon's fashion choice that created the most buzz.

The look has to do with Damon's next project, Elysium, a sci-fi action flick about aliens directed by District 9's Neill Blomkamp and costarring Jodie Foster. Before that, Damon was hard at work filming We Bought a Zoo with Scarlett Johansson, about a widower who reconnects with his children after his wife dies. He also recently lent his voice to Happy Feet 2, in post-production.

You can see the busy actor in the upcoming Margaret, a film costarring Anna Paquin that's slated for release at the end of September. If you simply can't wait until then, have no fear. Contagion is up next in the line of releases. In it, Damon plays Mitch Emhoff, another bereaved widower who tries to "shepherd [his daughter] through this horrible outbreak and protect her, after having lost a whole bunch myself," he said of the project, reports the UK's Daily Mail. "It's extremely terrifying to think of it. As an actor it's a great part. It's a really great pandemic movie. I love those movies."

Contagion hits theaters this Friday, September 9.