Tom Cruise and his Cruise/Wagner Productions and Paramount Pictures are ending their 14 year partnership.
According to The Hollywood Reporter, they ended negotiations several days ago when a Paramount offer came up short. Paula Wagner said the production company has lined up private equity that will allow it to operate independently of any of the studios. However, Sumner Redstone, chairman of Viacom, Paramount's parent company, stunned the Cruise camp Tuesday when he told the Wall Street Journal that the studio was not renewing its pact with Cruise, which was due to expire Aug. 31, because, "As much as we like him personally, we thought it was wrong to renew the deal. His recent conduct has not been acceptable to Paramount.
Their latest and last film released together, Mission:Impossible III failed at the box office; some say Paramount was unhappy with the public's opinion of Tom's Scientology practices.