Power Producer Paula Wagner to Leave United Artists
August 14, 2008

After reviving United Artists in 2006 with longtime producing partner Tom Cruise, former agent turned Hollywood power player Paula Wagner announced on Wednesday that she’s leaving UA to go it alone and make movies on her own. According to Reuters, Wagner, who is currently chief executive at UA, will be leaving her post upon the completion of the upcoming World War II drama Valkyrie, which has now be rescheduled for release in late 2008.

Although Wagner will be leaving her chief executive position at UA, both she and Tom Cruise currently own upwards of 30-35% of UA with MGM as the remaining shareholder. According to the report, it appears that Wagner will move on to making movies on her own for both UA and MGM, but won’t be overseeing daily operations or be involved in UA’s acquisitions. Reuters quoted Wagner as saying that her main love in the business was to make movies, which is what she’s decided to do.

Wagner and Cruise revived United Artists in 2006 with the hope of generating lucrative films and attracting big name talent to a variety of projects, but after the first Wagner-Cruise UA picture, Lions for Lambs, tanked at the box-office and Valkyrie has been shuffled and delayed, the new launch of UA got off to a rocky start. In what appears to be a safeguard, MGM has started to diversify their film production slate beyond UA.

At the time of the announcement, neither reps for MGM or UA commented on Wagner’s decision to leave.