Wagner and Cruise are out at Paramount and in at United Artists. The once great studio will be "reborn" under Paula Wagner and Tom Cruise, who have just reached a deal with Metro-Goldwyn-Mayer to take over the studio.
In a statement issued by MGM, Chairman and Chief Executive Officer Harry E Sloan said, "Partnering with Tom Cruise and Paula Wagner, we have the ideal creative foundation from which to reintroduce the United Artists brand. Tom and Paula are the modern versions of the iconic founders of United Artists - Douglas Fairbanks, Mary Pickford, Charlie Chaplin and D. W. Griffith - and our partnership with them reaffirms our commitment to providing creative talent with a comfortable home at United Artists and a dedicated distribution partner in MGM. United Artists is once again the haven for independent filmmakers and a vital resource in developing quality filmed entertainment consistent with MGM's modern studio model."
Cruise was quoted as saying, "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."
Wagner added, "This is a great opportunity for Tom and me to re-establish the United Artists brand and to work closely with the creative community. As studio partner-operators, we will provide a supportive environment and infrastructure for filmmakers that will allow them to do their best work."
Cruise and Wagner will act as MGM's operating partners and will oversee United Artists' production slate. According to MGM Cruise and Wagner will have control over projects from "development to production greenlighting ability, subject to certain parameters." Wagner will be the CEO of United Artists and oversee day-to-day operations. Cruise will work alongside Wagner, starring in as well as producing films for United Artists.
The new deal with MGM and United Artists does not preclude Cruise from working on films for other studios.
Plans are for United Artists to release four films per year. MGM will handle marketing and distribution of each movie.
Rick Sands, COO of MGM, stated, "Providing Tom and Paula with the ability to greenlight films under the UA banner validates MGM's commitment to and recognition of independent producers as the true creative nucleus of Hollywood filmmaking. The relationship between UA, which will provide the creative environment for independent producers to nurture content of their own vision and MGM, which will apply its expertise to distribution and marketing to those projects, is an ideal collaboration of art and business. The resurgence of United Artists will take us another step closer to realizing the full revitalization of MGM. Harry and I are personally thrilled to be working with Tom and Paula."
Source: MGM
