United Artists, the studio founded by movie greats Douglas Fairbanks, Charlie Chaplin, Mary Pickford and D.W. Griffith some 85 years ago and responsible for delivering such iconic film franchises as “Rocky,” “Pink Panther” and “James Bond,” will be reborn under a partnership formed between Tom Cruise, Paula Wagner and Metro-Goldwyn-Mayer Inc. (MGM). The announcement was made today by Harry E. Sloan, Chairman and Chief Executive Officer, MGM.

Cruise and Wagner, one of the most successful film production teams ever, will drive the rebirth of United Artists as MGM’s operating partner. Along with their substantial ownership, Cruise and Wagner will have control of setting the company’s production slate, from development to production greenlighting ability, subject to certain parameters. Wagner will serve as Chief Executive Officer of United Artists, overseeing the day to day operations of the studio alongside her longstanding producing partner Cruise, who will star in as well as produce films for United Artists and also be available to appear in film projects for other studios.

Cruise last teamed up with the original UA on “Rain Man” in 1988, which won four Academy Awards including Best Picture. In establishing United Artists as a new entity, MGM and Cruise/Wagner will return the studio to its former roots by recognizing what made UA great in the first place — studio management by creative talent who can best encourage and support other creative talent.

The talent friendly studio will be reborn as a place where producers, writers, directors and actors can thrive in a creative environment, developing and producing entertaining film projects. The plan would allow artists throughout the community to pursue their creative visions outside of the traditional studio system. The studio plans to have a production slate of approximately four (4) films each year, which may increase in the future. Worldwide marketing and distribution will be handled by partner MGM. UA will be a major supplier of feature films to MGM, with production and development of UA movies being fully financed by MGM and its partners.