Tom Cruise United Artists No Paula Wagner
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.
But everyone is asking today, what “will happen to the $500 million Merrill Lynch revolving fund that was allotted for UA films but that has barely been tapped.”
Sources reveal to Variety that UA can’t fold because the $500 million was given for UA projects only. In fact, sources suggest that Cruise must stay as the head of United Artists to keep Merrill’s backing of the company and all that money swimming.
Wagner issued the following statement today about stepping down as CEO of United Artists:
“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.”