Tom Cruise resurrects United Artists

Nov 3, 2006, 12:20 GMT

Tom Cruise and Katie Holmes REUTERS/Mario Anzuoni

Tom Cruise has bought his own movie studio.

The 'Mission Impossible' star and his producing partner Paula Wagner have teamed up with MGM to reform United Artists. The old studio was founded 85 years ago by Charlie Chaplin and several other movie moguls.

The 'Top Gun' actor will produce and star in the company's films, though not exclusively so he will be available for other projects.

MGM CEO Harry E. Sloan announced yesterday (03.11.06): "Cruise and Wagner will have substantial ownership of United Artists. Budget permitting they will have almost complete control over green-lighting and developing new productions."

Cruise said: "Paula and I are very respectful of the rich history and tradition of United Artists, and we welcome the opportunity to contribute to that legacy by providing a wide range of releases that appeal to all audiences. It's our desire to create an environment where filmmakers can thrive and see their visions realized."

Paramount studios decided not to renew Cruise's contract this year after growing frustrated with his increasingly erratic behaviour, which included jumping on Oprah Winfrey's sofa to declare his love for fiancée Katie Holmes.

Sumner Redstone, chief of Viacom who own Paramount, said this week that he dropped Cruise because his wife Paula found him a turn-off.

(C) BANG Media International