Cruise, Wagner relocate to MGM Tower

LOS ANGELES, Sept. 13 (UPI) -- Tom Cruise and Paula Wagner have relocated their production company to Los Angeles' MGM Hotel after leaving the Paramount Pictures lot.

Daily Variety reported that the Cruise/Wagner production company moved into its new Constellation Boulevard location this week and was set to delve back into the cinema industry following Cruise's dismissal by Paramount last month.

"For the moment, we are renting space here in this building and getting our feet wet," said Wagner. "It's business as usual right now. We are continuing what we've always done -- looking for movies, working on scripts and meeting people -- but it's also fresh because it's a new direction and a new location. Tom and I both are really optimistic about the future."

The duo's move to its new locale was funded by their new company's business partners NVR chair Dwight Schar, Six Flags President Mark Shapiro and Washington Redskins owner Daniel M. Snyder.

Wagner, who recently served as head of the Venice Film Festival's Opera Prima Jury, said her experience at the annual event has helped inspire her in relation to her company's new direction, said Daily Variety.