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Monday, November 06, 2006

Tom Cruise Takes Control of United Artists

Sumner Redstone fired Tom Cruise becaue he knew Cruise was negotiating to gain control of his own studio. Redstone was insulted and pretended to be angry about Cruise's behavior over the past year. Cruise's behavior has been mildly amusing at best. Don't mess with Sumner's money though. And Tom decided to break out and compete with his boss. So now Tom Cruise and his partner, Paula Wagner, willl take charge of United Artists, which is owned by Metro-Goldwyn-Mayer, (MGM) Inc., which is owned by Comcast Corporation and Sony Corporation.

Neither Cruise nor Wagner had to put up any money. They will produce 4 movies a year initially costing about $40 - $50 million with MGM distributing the films. Cruise will also use outside investors, such as Washington Indians owner Dan Snyder, and investment banks to spread the risk.
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