New York: Hollywood superstar Tom Cruise and MGM are partnering to resurrect the historic United Artists movie studio founded by Charlie Chaplin and associates, MGM's CEO announced on Thursday.
The deal, which will give Cruise and his producing partner Paula Wagner "substantial ownership" in the new studio, will also give the pair control of the company's production slate.
The duo will run United Artists, the studio founded in 1919 by Charles Chaplin and other stars.
Cruise will star in films for United Artists and produce, while Wagner will serve as chief executive of the studio, MGM CEO Harry Sloan said a statement.
The move marks a major comeback for Cruise and Wagner after Viacom's Paramount Pictures dumped both of them last summer, when Viacom CEO Sumner Redstone complained that Cruise's behavior, such as his couch-jumping incident on Oprah Winfrey's talk show and criticism of actress Brooke Shields for her taking of antidepressants, hurt the actor's most recent film, Mission: Impossible 3.
Paramount cut ties with Cruise in August.
United Artists was founded by Chaplin, along with Douglas Fairbanks, Mary Pickford and D W Griffith 85 years ago. The studio helped make James Bond, Rocky and Pink Panther movies.
Cruise last teamed up with the original United Artists on Rain Man in 1988, which won four Academy Awards including Best Picture.
United Artists has not released as many prominent films in the past few years, although it was the distributor of last year's Capote, which featured an Academy Award-winning performance by Philip Seymour Hoffman in the title role.
MGM was acquired by Sony, cable firm Comcast and a team of private equity firms in 2004. MGM and Viacom compete with Walt Disney, Time Warner and General Electric's NBC Universal Studios in the movie business.
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