Paula Wagner splits from Tom Cruise

In a move that ends her longtime business partnership with Tom Cruise, Paula Wagner is stepping down from her post as co-owner and CEO at United Artists.

Although she and Cruise were brought aboard to revive UA in November 2006, she encountered difficulties in jump-starting MGM's specialty label. Once she negotiates her exit, Wagner plans to return to producing full time.

In her new guise, Wagner will produce independently as well as with UA on several projects still in development, including del Toro's Champions. She and Cruise will retain an ownership interest in the studio -- which began as a minority stake of a reported 30% -- once she leaves following the completion of the Bryan Singer-directed Valkyrie, which stars Cruise in the lead role.

Cruise, disguised as a vulgar studio exec, also shows up on screens in a small role in the new DreamWorks comedy Tropic Thunder.

Still, the once-reigning superstar does appear to be casting about for a new screen image. He has stepped away from the spy thriller Edwin A. Salt, which is undergoing a sex change to accommodate Angelina Jolie in the lead role.

Instead, Cruise is considering a comedy called Food Fight for Working Title and has entered into negotiations for the thriller The Tourist, a remake of a French film.

"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. I still believe in our vision for UA, and I am confident that Harry Sloan and our colleagues at MGM will see that vision through to reality."

Wagner worked at CAA for 15 years before launching Cruise/Wagner Prods. with Cruise in 1993. They went on to produce $3 billion worth of global boxoffice revenue from a slate that included the three "Mission: Impossible" movies, "Shattered Glass," "Narc," "Vanilla Sky," "The Last Samurai" and "War of the Worlds." Wagner recently produced "The Eye" and "Death Race," which releases Aug. 22.


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