Tom Cruise’s producing partner Paula Wagner said Wednesday she will leave her job as chief executive of United Artists to produce projects independently.
Wagner will continue to co-own the studio with Cruise and “be attached to UA’s most exciting film properties,” UA and its parent company Metro-Goldwyn-Mayer Inc. added in a joint statement.
Cruise and Wagner were brought in to head UA in November 2006.
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She said she still believes in the vision she and Cruise have for the film studio that was formed nearly 90 years ago by Hollywood actors including Charlie Chaplin and Mary Pickford.
“I am proud of all that we’ve accomplished in the past two years,” she said.
However, the effort has faced challenges.
The studio flopped on its first production attempt with last year’s political thriller “Lions for Lambs,” which was estimated to have lost about $30 million. Wagner has said the company took a modest financial risk with the film but its symbolic benefits were invaluable.
UA’s second effort “Valkyrie,” starring Cruise as a Nazi army officer executed after a failed attempt to assassinate Adolf Hitler, has been delayed a few times.
In April, UA pushed back the release date from Oct. 3 to
February 2009. MGM announced Wednesday the film would be released Dec. 26.
