MGM cuts surprise deal with Tom Cruise

LOS ANGELES, Nov. 2 (UPI) -- Tom Cruise and his producing partner, Paula Wagner, have formed a partnership with United Artists, the Hollywood Reporter said Thursday.

Cruise will become a UA producer and Wagner will be named chief executive of the MGM division. The pair will have authority to produce about four movies a year, which will be distributed by MGM.

The agreement, brokered by Cruise-Wagner's representatives at CAA and attorney Bert Fields, takes effect immediately and comes soon after Cruise and Wagner ended their long-term production arrangement at Paramount Pictures.

MGM and its partners, including private equity firms Providence Equity Partners and Texas Pacific Group, as well as industry partners Comcast Corp. and Sony Corp. of America, will fully fund the films.