Paramount cuts ties with Tom Cruise

[Troll]

Paramount cuts ties with Tom Cruise
Chairman says the star’s behavior was unacceptable to the company

NEW YORK - Paramount Pictures has severed its 14-year-old ties to Tom Cruise’s production company because of his off-screen behavior, the chairman of the studio’s parent company said Wednesday in an interview with the Wall Street Journal.

The report signaled the end of one of the most lucrative production deals commanded by any A-list Hollywood star and followed other signs that Cruise’s public stature had been damaged by his conduct during the past year.

Cruise’s representatives and officials from Viacom and Paramount did not have any immediate comment on the report.

Days after his latest film, “Mission: Impossible III,” opened to lower-than-expected domestic ticket sales in May, an opinion poll showed his star power in the eyes of the public had dimmed considerably.

And last month, the Los Angeles Times reported that Paramount Chairman Brad Grey had informed representatives for Cruise and his production partner, Paula Wagner, that the studio planned to slash the amount it spends on their company, Cruise/Wagner Productions.

Months ago, Grey was one of several movie industry executives who publicly rallied to Cruise’s defense to insist that his status and popularity were undiminished.

They were reacting to a USA Today/Gallup poll in which half of those surveyed registered an “unfavorable” opinion of the actor. Many cited his off-screen behavior during the past year, including his outspoken defense of his religion, Scientology, and his blunt criticism of psychiatry and actress Brooke Shield’s treatment for postpartum depression.

Cruise also became the butt of jokes for his manic, couch-hopping appearance on “The Oprah Winfrey Show” last May to declare his love for actress Katie Holmes, who recently gave birth to Cruise’s first biological child, a daughter they named Suri.

“As much as we like him personally, we thought it was wrong to renew his deal,” Redstone was quoted as saying in the Wall Street Journal report e-mailed to reporters. “His recent conduct has not been acceptable to Paramount.”

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http://msnbc.msn.com/id/14472455/?GT1=8404

[Troll]

Cruise Production Biz Finds New Backers
LOS ANGELES -- Tom Cruise's production company, which broke ties with Paramount Pictures last week in an unusually public dispute, has signed a two-year financing deal with an investment partnership headed by Washington Redskins owner Daniel Snyder.

The deal between Cruise/Wagner Productions and First & Goal LLC covers overhead and development, which will allow Cruise and producing partner Paula Wagner to run their company and make deals to produce films, some conceivably starring Cruise.

Financial terms were not disclosed for the pact, which has an option to renew for a longer term.

Cruise/Wagner still must find someone to finance production of those films and a company to distribute them.

Previously, Paramount had the first right to finance and distribute Cruise/Wagner films. In exchange, Paramount paid the producers as much as $10 million per year for salaries, expenses and discretionary spending. Paramount had offered a much lower amount to renew the deal, closer to $2 million annually, before talks broke off.

First & Goal was set up specifically to invest in Cruise/Wagner. Snyder also heads an investment partnership that controls amusement park operator Six Flags Inc., among other companies. Former ESPN executive Mark Shapiro, who heads Six Flags, will oversee the investment in Cruise/Wagner, the companies said Monday.

"This gives us the opportunity to work with all the studios and broadens our base," Wagner said Monday.

Long-simmering tensions between Cruise/Wagner and Paramount Pictures erupted last week with a public spanking of Cruise by Sumner Redstone, chairman of Paramount parent Viacom Inc.

Redstone broke ties with Cruise through an interview in the Wall Street Journal, saying the actor's public behavior, including jumping up and down on Oprah Winfrey's couch, and his aggressive defense of Scientology, alienated moviegoers and cost Paramount money at the box office.

Redstone claimed Cruise's antics cost Paramount between $100 million and $150 million in ticket sales for the actor's latest film, "Mission: Impossible III."

Wagner slammed Redstone last week, calling his comments "surprising" and unbusinesslike.

She said last week it was their decision not to renew their 14-year partnership with Paramount, choosing instead to follow a long-standing desire to make smaller, character-driven films on their own.

On Monday, Shapiro brushed off any discussion of Cruise's behavior or Redstone's comments, preferring to focus on Cruise's proven box-office appeal.

"We're entrepreneurs and we like exploring new opportunities that present an excellent chance for success and innovation," Shapiro said.

Shapiro and Wagner emphasized that Cruise's last two films for Paramount, "War of the Worlds," and "Mission: Impossible III," grossed about $1 billion worldwide combined.

"We believe that Cruise and Wagner are a terrific investment," Shapiro said. "The track record speaks for itself."

The deal was brokered by talent agency CAA, which represents Cruise. Discussions with First & Goal began earlier this month, the companies said.

Last week, Wagner said her company had secured financing from two hedge funds to produce films. She declined to comment on those arrangements Monday.

Monday's deal does continues to allow Cruise to star in films produced or distributed by any studio, the same terms he had under his deal with Paramount.

http://movies.msn.com/movies/article.aspx?news=231957&GT1=7701

[aFinn]

So Cruise follows Gibson, which star will be next to fall?