Paula Wagner Exits UA

LOS ANGELES, August 14: Paula Wagner
is stepping down from her role as the CEO of United Artists, which she and Tom
Cruise relaunched in partnership with MGM in November 2006.

A statement from MGM and UA said that Wagner was returning
“to her first love, which is producing films.”

She will become a producer and is expected to be “attached
to UA's most exciting film properties,” the statement noted. She will continue
to be a part owner of UA. “Nothing will change in regard to Mr. Cruise's
involvement with UA and he continues to have a substantial ownership interest
in the company. Furthermore, Mr. Cruise and Ms. Wagner will continue to work on
film projects together.”

Reiterating Cruise’s commitment to UA, Harry E. Sloan, the
chairman and CEO of MGM Studios, issued a statement today noting: “After
reading erroneous reports about Tom Cruise and United Artists, I would like to
clarify that we are honored that he will continue as our full partner in
control of UA. He is in the middle of one of the greatest careers our industry
has ever seen and one that will continue at the top of United Artists
Entertainment.”

UA’s Valkyrie, the
Bryan Singer film with Cruise starring as Colonel Claus von Stauffenberg, is
set for a December 26 release.

The historic United Artists brand was initially founded
some 85 years ago by Douglas Fairbanks, Charlie Chaplin, Mary Pickford and D.W.
Griffith.

—By Mansha Daswani