MGM has announced United Artists will be 'reborn' under a partnership it has formed with Tom Cruise and producer Paula Wagner.
The news comes just months after Cruise's acrimonious split with Paramount after 14 years.An MGM spokesman said: "Along with their substantial ownership, Cruise and Wagner will have control of setting the company's production slate, from development to production greenlighting ability, subject to certain parameters.
"Wagner will serve as Chief Executive Officer of United Artists, overseeing the day to day operations of the studio alongside her longstanding producing partner Cruise, who will star in as well as produce films for United Artists and also be available to appear in film projects for other studios."
Cruise said: "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."
The studio was original founded by Douglas Fairbanks, Charlie Chaplin, Mary Pickford and D.W. Griffith some 85 years ago but its fate has been the subject of speculation since Sony and Comcast bought out MGM last year - with no new films being announced since April.
The spokesman added: "In establishing United Artists as a new entity, MGM and Cruise/Wagner will return the studio to its former roots by recognizing what made UA great in the first place - studio management by creative talent who can best encourage and support other creative talent.
"The talent friendly studio will be reborn as a place where producers, writers, directors and actors can thrive in a creative environment, developing and producing entertaining film projects. The plan would allow artists throughout the community to pursue their creative visions outside of the traditional studio system."
The studio plans to have a production slate of approximately four films each year, but says this may increase in the future. Worldwide marketing and distribution will be handled by partner MGM.
The announcedment was made by MGM Chairman and Chief Executive Officer Harry E. Sloan earlier today. He said: "Partnering with Tom Cruise and Paula Wagner, we have the ideal creative foundation from which to reintroduce the United Artists brand.
"Tom and Paula are the modern versions of the iconic founders of United Artists - Douglas Fairbanks, Mary Pickford, Charlie Chaplin and D. W. Griffith - and our partnership with them reaffirms our commitment to providing creative talent with a comfortable home at United Artists and a dedicated distribution partner in MGM.
"United Artists is once again the haven for independent filmmakers and a vital resource in developing quality filmed entertainment consistent with MGM's modern studio model."
"Providing Tom and Paula with the ability to greenlight films under the UA banner validates MGM's commitment to and recognition of independent producers as the true creative nucleus of Hollywood filmmaking," said Rick Sands, COO of MGM.
"The relationship between UA, which will provide the creative environment for independent producers to nurture content of their own vision and MGM, which will apply its expertise to distribution and marketing to those projects, is an ideal collaboration of art and business.
"The resurgence of United Artists will take us another step closer to realizing the full revitalization of MGM. Harry and I are personally thrilled to be working with Tom and Paula."
