Buzz Watch: Tom Cruise’s Vindication is Heading Up United Artists

Authored by Jay Baage on November 2, 2006 - 10:30am.

After being disgracefully fired by Viacom and Paramount Pictures owner Sumner Redstone this summer, Tom Cruise and producing partner Paula Wagner return as new part-owners and studio heads at United Artists, a film studio that was formed by a group of Hollywood actors, including Charlie Chaplin and Mary Pickford.

The announcement was made earlier today by Harry E. Sloan, CEO of MGM, the company that used to control United Artists. He stated that Cruise and Wagner will have "substantial ownership" of the revitalized banner and have nearly complete control—budget permitting—over greenlighting and developing new productions, but did not specify financial terms. Cruise and Wagner had previously announced that they had secured financing from two unidentified hedge funds to back future projects.

So in other words, Tom Cruise is becoming a studio mogul. Who saw that coming when he was jumping on Oprah’s couch and preaching Scientology to Brooke Shields?

"Partnering with Tom Cruise and Paula Wagner, we have the ideal creative foundation from which to reintroduce the United Artists brand," Sloan said in a statement. "Tom and Paula are the modern versions of the iconic founders of United Artists."

MGM will financially back the studio and be responsible for marketing and distributing all movies that Cruise and Wagner produce. Wagner will be the CEO of the joint venture, while Cruise will be both producer and star—in at least some of the approximately four UA annual productions.

Wagner and Cruise begin their reign at United Artists effective immediately. What this announcement means for rumors about Cruise partnering with Yahoo and other possible new media ventures is still unclear. What is pretty clear, however, is that there most certainly will be a Katie Holmes movie on the UA slate soon after she becomes the third Mrs. Cruise on November 18, in Italy.

Joakim Baage

Related Links:
Cruise, Wagner to Run MGM's United Artists Studio (Bloomberg)
MGM Partners With Tom Cruise and Paula Wagner to Form New United Artists
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