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."