Wagner will continue to co-own the studio with Cruise and “be attached to U.A.’s most exciting film properties,” U.A. and its parent company Metro-Goldwyn-Mayer Inc. added in a joint statement.
The two relaunched United Artists in 2006. But their first offering, Lions for Lambs, was considered a box-office disappointment.
Meanwhile, the studio announced that its latest release, Valkyrie – a controversial film in which Cruise plays a Nazi officer attempting to assassinate Adolf Hitler – has been pushed back again. It will now hit screens Dec. 26.
– Caris Davis
• In 2003, Tom Cruise opened up to PEOPLE about his struggle to read.