Tom Cruise has signed on with Metro-Goldwyn-Mayer Studios Inc. to resurrect the United Artists movie studio, MGM chairman and CEO Harry E. Sloan announced Thursday.

Cruise will star in and produce films for the studio, and his longtime production partner Paula Wagner will serve as chief executive.

MGM said Cruise and Wagner will set the studio’s production slate, working on development and greenlighting projects, within certain parameters.

United Artists was founded 85 years ago and was the studio behind franchises including the Rocky, Pink Panther and James Bond movies.

Cruise and Wagner had worked with Paramount Pictures for 14 years before parting ways in August, amid harsh comments about Cruise by Paramount’s parent-company chief, Sumner Redstone. (People)

EOnline adds:
Tom Cruise has been called many things, but up until now, studio mogul was not one of them.

The Mission: Impossible star and longtime producing partner Paula Wagner have teamed with MGM to reform United Artists, the long-defunct studio that was founded 85 years ago by Charlie Chaplin, Mary Pickford, Douglas Fairbanks and D.W. Griffith.

Take that, Sumner Redstone.

According to an announcement made earlier today by MGM CEO Harry E. Sloan, Cruise and Wagner will have “substantial ownership” of the revitalized banner and have nearly complete control—budget permitting—over greenlighting and developing new productions.

MGM will financially back the endeavor and be responsible for marketing and distributing the Cruise-approved flicks. According to Sloan, the new and improved United Artists will produce roughly four films per year, with that number expected to increase in coming years.

Wagner has been named CEO of the joint venture, while Cruise will both produce and star—though rival studios can rest assured, not exclusively—in the UA productions.

“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,” Cruise said. “It’s our desire to create an environment where filmmakers can thrive and see their visions realized.”

In recent years, UA had been repositioned as a boutique studio for art-house fare. The new deal aims to reintroduce UA to the mainstream and may prove to be some payback for Cruise.

The star has been a whipping boy of Viacom head Sumner Redstone since August, when Redstone unceremoniously booted Cruise/Wagner Productions from Paramount’s lot after 14 years after a contract renegotiation stalled.

In a new interview with Vanity Fair, Redstone continued his public flogging, saying he fired Cruise because the actor’s behavior had become a liability. He branded the three-time Oscar nominee an “embarrassment” and claimed “women had come to hate him.”

Clearly, not every studio head shared those sentiments.

“Partnering with Tom Cruise and Paula Wagner, we have the ideal creative foundation from which to reintroduce the United Artists brand,” Sloan said. “Tom and Paula are the modern versions of the iconic founders of United Artists.”

The revitalization of the studio, with Cruise and Wagner at the helm, solves at least one of the movie star’s problems. UA will be the new home base for Cruise/Wagner Productions, which will also produce films under the new studio banner.

The duo’s company secured financial backing—though not a studio presence—in August, when the First and Goal, led by Washington Redskins owner Daniel Snyder, agreed to provide the producers with $2.5 million a year for the next two years.

The UA deal marks a return to the studio for Cruise, who previously found success with UA’s 1988 Oscar winner, Rain Man.

Over the years, United Artists has cranked out its fair share of franchises, including the Rocky series and installments of James Bond and Pink Panther; its fair share of classics, including Some Like It Hot; and its fair share of flops, including the notorious studio-crushing Heaven’s Gate.

Recently, the studio has become known for producing more highbrow flicks, among them the Oscar-nominated Hotel Rwanda.

Wagner and Cruise begin their reign at United Artists effective immediately.