Paramount pinches Cruise movie company

July 31, 2006 at 1:42 PM

HOLLYWOOD, July 31 (UPI) -- Tom Cruise's contract with Paramount Pictures was to be renewed Monday at $2.5 million a year, down from the previous $10 million-plus a year, it was reported.

Cruise, based at Paramount since 1992, had received $10 million with his producing partner, Paula Wagner, to cover overhead, project development and other costs at their movie company, The Los Angeles Times reported Monday.

But in a belt-tightening, Paramount Chairman Brad Grey told representatives of Cruise-Wagner Productions the figure would now be $2 million plus a $500,000 discretionary fund each year for two years, the newspaper said.

A Paramount spokeswoman would not discuss the new deal, nor would Wagner, the Times said.

Cruise-Wagner Productions has made Paramount hundreds of millions of dollars over the last two decades with such hits as "Top Gun," the "Mission: Impossible" series and "War of the Worlds."

Related UPI Stories
Latest Headlines
Trending Stories
Gisele Bundchen models for 6-year-old son Benjamin
Elton John rides with James Corden for Carpool Karaoke
Beyonce announces world concert tour after performing at Super Bowl 50
Steve Harvey mocks 'Miss Universe' flub in new Super Bowl ad
Blue Ivy, Apple Martin bond at Super Bowl 50