Thursday, June 21, 2007

Breakup with Paramount

On August 22, 2006, Paramount Pictures announced it was ending its 14-year relationship with Cruise/Wagner Productions. In the Wall Street Journal, chairman of Viacom (Paramount's parent company) Sumner Redstone cited the economic damage to Tom Cruise's value as an actor and producer from his controversial public behavior and views.[16][17] Cruise/Wagner Productions responded that Paramount's announcement was a face-saving move after the production company had successfully sought alternative financing from private equity firms.[18] Industry analysts such as Edward Jay Epstein commented that the real reason for the split was most likely Paramount's discontent over Cruise/Wagner's exceptionally large share of DVD sales from the Mission: Impossible franchise.[19][20] However, Radar has claimed that the "personal conduct" complained of by Redstone was an allegedly Cruise-inspired attempt to intimidate Brad Grey, CEO of Paramount. According to Radar, when Grey was walking to his car one night after tense negotiations with Cruise over Mission: Impossible 3, he was "surrounded by more than a dozen Scientologists, who pressured him to ease up on the actor ... Following a terse exchange, the visitors allowed Grey to get into his car and leave, but the message was clear." Grey reportedly stood his ground and convinced Cruise to accept a lower fee than the actor had initially demanded.[21]

Source: http://en.wikipedia.org/wiki/Tom_Cruise

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