Tom Cruise will be taking over the famed United Artists studio with his producing partner Paula Wagner.
Wagner will serve as the studio’s CEO while Cruise will star in and produce pictures from the label.
The arrangement doesn’t preclude Cruise from starring in other films from another label, and as of yet there are no films on the slate.
The main goal of UA will be to develop and produce pictures in the $40 million to $50 million range (though some could rise higher), with the intent of releasing around 4 films per year. MGM will be the distributor and marketer.
“The whole concept is to make movies, and we have a company that is artist-friendly,” Wagner said. “We’re going to do a wide variety of films. We are producers, and we know how to make economically sound choices.”Not all the movies will be produced by Cruise and Wagner, as some will be produced by outside producers.
In a statement Tom Cruise had the following to say: “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.”