Cruise lines up new financing partners
The Hollywood star has three investors to bank on, after getting the boot from the Paramount film studio.india Updated: Aug 29, 2006 20:01 IST
Hollywood megastar Tom Cruise has lined up new financing partners to make movies after getting the boot from the Paramount film studio.
Three investors, including the owner of the Washington Redskins professional American football team, are to provide Cruise's production company with $3-10 million per year to fund film-development and overhead costs, news reports said Tuesday.
In return, the investors will finance films and get a share of film profits under the two-year deal, which has an option to renew, the reports said citing Cruise's production partner Paula Wagner.
The deal won't be enough to fund movies, and Wagner said she and Cruise are working on lining up other financing partners.
Paramount and Cruise, 44, the star of movies like War of the Worlds and Jerry Maguire, severed their 14-year relationship under which Cruise/Wagner Productions received $10 million yearly from the film studio.
Sumner Redstone, the chairman of Paramount's parent company Viacom, complained of the star's controversial public behaviour and his plugging of personal causes and beliefs such as Scientology. He said they had hurt box-office receipts for his latest movie Mission Impossible 3.
Cruise and Wagner's new investors are Daniel Snyder, who owns the Redskins, five radio stations and control of the Six Flags amusement-park company; Mark Shapiro, Six Flags' chief executive officer; and Dwight Schar, a home builder and long-time investor with Snyder.