Wagner Out, Tom In

August 14, 2008 By:
Wagner Out, Tom In

The Washington Post reported this morning that Tom Cruise's longtime business partner Paula Wagner is stepping down as co-owner and CEO at United Artists.

Wagner may be out, but Tom isn't going anywhere. Harry E. Sloan, the Chairman and CEO of MGM released the following statement to Hollyscoop:

"After reading erroneous reports about Tom Cruise and United Artists, I would like to clarify that we are honored that he will continue as our full partner in control of UA. He is in the middle of one of the greatest careers our industry has ever seen and one that will continue at the top of United Artists Entertainment."

Although Wagner is planning on going back to producing movies, she will continue to be a part owner of UA. Not too shabby!