Tom takes over film studio

Tom Cruise has overcome whatever troubles he had with Paramount pictures and inked a deal that puts he and producing partner Paula Wagner in charge of United Artists. Wagner will serve as CEO of the film studio and Cruise will appear in United Artists films, although the deal doesn't present the actor from also starring in films produced by rival studios. MGM Inc, which owns UA, announced today that Cruise and Wagner have taken an ownership interest in the studio, but did not divulge any specifics. "There is a complete alignment of interests in this deal," said a head honcho for MGM. "They are equity owners in the company and they share with us in the upside." United Artists has only been used to acquire and produce low-budget films for the past few years, but under its new direction, has the freedom to make big budget blockbusters. "We believe Tom is a terrific creative force," said the MGM rep. "If you look at his track record, he's generated huge box office and we believe the relationship of being a partner is different from a studio/actor relationship."

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