Paula Wagner, Tom Cruise’s UA partner, has stepped down as co-owner and CEO of United Artists. Wagner and Cruise were brought on board with UA in November 2006 to revive the company. Once Wagner does some negotiating of her exit, she will return to producing films full time.
MGM chairman and CEO Harry E. Sloan, issued this statement about Tom Cruise, “I would like to clarify that we are honored that he will continue as our full partner in control of UA,” Sloan said. “He is in the middle of one of the greatest careers our industry has ever seen and one that will continue at the top of United Artists Entertainment.”
Continue reading below.
It seems that Wagner’s announcement isn’t the only shake-up surrounding Tom Cruise. Just two weeks ago, her husband Rick Nicita who was Tom’s long time agent, exited Creative Artists Agency to join production company Morgan Creek.
Wagner and Cruise have produced one project together, last year’s “Lions for Lambs“. In a joint statement made by MGM-UA, it was said that Wagner would continue to be part owner of UA and that Cruise and Wagner will continue to work on film projects together.
“I’ve truly relished working with my longtime partner Tom Cruise to revitalize United Artists, and I am proud of all that we’ve accomplished in the past two years, reinvigorating the brand and developing such a strong slate of films,” Wagner said. “But I always tell my sons, ‘Follow your passion’ — and I’ve got to follow that advice myself. As much as I’ve enjoyed my time as an executive, I have longed to return to my true love, which is making movies, so that’s what I’ve decided to do.”
The second UA project “Valkyrie” has had a couple of release dates. It has just been rescheduled for a December 26th release. MGM-UA distribution president Clark Woods said that the return to a 2008 release date was for commercial reasons.
“We’ve now completed the movie, and it’s fantastic,” Woods said. “Until now, we didn’t have a movie that was done. But now we have a movie starring Tom Cruise that deserves the best possible play time.”
I am glad for everyone involved in Valkyrie that they have a set day. I truly hope they keep that date and that the movie does well.
via Reuters/Hollywood Reporter
