Paramount cuts ties with Tom Cruise

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http://money.cnn.com/2006/08/22/news...ex.htm?cnn=yes

Film distribution giant ends 14-year relationship with actor's production company because of Cruise's recent erratic behavior, says a report.
August 22 2006: 8:47 PM EDT


NEW YORK (CNNMoney.com) -- Paramount Pictures will end its longstanding relationship with Cruise/Wagner Productions, actor Tom Cruise's production company, citing his erratic behavior, according to a report published Tuesday.

Sumner Redstone, CEO of Paramount owner Viacom, said in an interview with The Wall Street Journal that Cruise's controversial behavior over the last year - including advocating for Scientology and denouncing the use of antidepressant drugs - was the cause for the move.


Cruise has been battling image problems in Hollywood.

The movie company is concerned that Cruise's behavior hurt his most recent film, "Mission: Impossible 3," said the report.

But Paula Wagner, Cruise's partner, disputed Redstone's assertions, according to the report. She told the paper that Cruise/Wagner Productions had decided to set up its own independent operation, backed by two unnamed hedge funds. She also noted in her comments to the Journal that Cruise had made Paramount vast sums of money over the years.

Cruise has worked with Paramount on hit films such as "Mission: Impossible," "Top Gun" and "Days of Thunder."

Cruise has starred in 24 movies producing an average box office gross of $99.9 million, according to The-Movie-Times.com, an online Hollywood database.

In June 2006 Cruise took the No.1 spot on Forbes magazine's annual list of the world's 100 most powerful stars. In the last 10 years all but one of his movies have grossed more than $200 million worldwide. His top-grossing movie was "War of the Worlds" (2005), which topped $590 million around the world.

However Hollywood's highest accolade - an Oscar - has eluded Cruise, despite three acting nominations for his roles in "Magnolia", "Jerry Maguire" and "Born on the Fourth of July."

In May 2006, a USA/Today poll showed his public approval rating had slipped to 35 percent. Many of those polled cited his blunt criticism of actress Brooke Shield's treatment for depression and of psychiatry in general.

In 2005, he became the butt of jokes for a manic, couch-hopping TV appearance declaring his love for girlfriend Katie Holmes on the Oprah Winfrey show.