Paula Wagner, Tom Cruise’s business partner, is out as CEO of United Artists (UA), leaving Tom Cruise solo at UA. But how about all that Merrill Lynch money backing United Artists? $500 million that is!

Wagner says she will retain her ownership interest in UA. Tom Cruise and Wagner are co-owners of UA.

“I’ve truly relished working with my longtime partner Tom Cruise to revitalize United Artists, and I am proud of all that we’ve accomplished in the past two years, reinvigorating the brand and developing such a strong slate of films,” she said. “But I always tell my sons, ‘Follow your passion’ — and I’ve got to follow that advice myself. As much as I’ve enjoyed my time as an executive, I have longed to return to my true love, which is making movies, so that’s what I’ve decided to do. I still believe in our vision for UA, and I am confident that Harry Sloan and our colleagues at MGM will see that vision through to reality.”

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PHOTOS! Here are pictures of Katie Holmes’ new haircut, the PIXIE updated. The new Katie Holmes Pixie haircut is similar to previous haircuts by Holmes but has more diagonal cutting in the front, and more height at the crown.

Holmes’ previous cut (see center above), brought more flaring outward in the bangs. But with the Holmes Pixie, now the weight is at the crown in the pixie with all the slant downward, to bring out facial cheekbones.

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Top Gun 2 is taking flight, says a new report this morning. Tom Cruise could be returning to Top Gun after two decades. Top Gun 2 has been given a green light by everyone but Cruise, at least not yet.The script reportedly has been approved by chiefs at Paramount.

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LALATE first broke that Katie Holmes would join “All my Sons” on Broadway. Now today news that Katie Holmes will join ABC’s sophomore tv drama “Eli Stone”.

Neither Holmes nor ABC is confirming the report.

Holmes would be joining her Dawson’s Creek employer, exec producer Greg Berlanti, on Eli STtone.

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If you love Katie Holmes and not so much Mario Lopez, then you will love this story.

Mario Lopez’s Broadway run in “Chorus Line” will be allegedly stopped to make room for Tom Cruise’s Katie Holmes in “All my Children”.

Why?

According to reports, in “order to offset the cost of having Holmes star in “All My Sons,” the show needed the theater that “A Chorus Line” currently uses. That, of course, is bad news for Mario Lopez, the current star of “A Chorus Line.”

Why? Claims the report, Katie is signed for a short term deal. Says the report, for the Holmes’ producers to recoup their money, they made the savy move … to move Katie to a bigger theatre. Mario’s theatre!

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Tom Cruise and Katie Holmes hosted a housewarming last night for their new $35 million Beverly Hill Mansion. The Cruise Beverly Hills Mansion was bought by Tom Cruise and Katie Holmes last year for $35 million from real estate mogul Kurt Rappaport.

Some estimates put the sale price between $30 to $35 million.The house has two extra buildings, previously used for a gym and a screening room.

Neighbors include Peter Bing and Jerry Weintraub. For more details about the Calle Vista Drive estate, click here.Last night’s bash featured 500 celebrity guests.