For many years, Tom Cruise has enjoyed the richest production deal of any A-list star in Hollywood. But in the latest sign of the industry’s increasing obsession with fiscal responsibility, that era may be coming to an end.Paramount Pictures, where Cruise and his producing partner, Paula Wagner, have been based since 1992, currently has a commitment to pay the pair as much as $10 million-plus a year to cover overhead, project development and other costs at their movie company, according to two sources with knowledge of the arrangement. But that sweet deal, which is at least four times what stars such as Johnny Depp, Brad Pitt and Tom Hanks are assured by studios to fund their film outfits, was due to expire today. And Paramount Chairman Brad Grey has told representatives of Cruise-Wagner Productions that the studio would not renew it at anywhere near the current terms, sources said. Instead, Paramount has offered Cruise and Wagner just a fraction of what they’ve been used to: $2 million plus a $500,000 discretionary fund each year for two years, said informed sources, who asked not to be named because of the sensitivity of the negotiations.Cruise’s attorney, Bertram Fields, said Friday, "We received an offer and we are digesting it. We will sit and talk about it." Asked whether Paramount left any wiggle room on its terms, Fields said, "It is not the case that they said this is a take-it-or-leave-it offer. I don’t think my friends at Paramount would ever talk that way." "We don’t receive $10 million or $11 million a year. We do not see anything near that," she said Sunday, declining to be more specific. "We, Cruise-Wagner, do not negotiate in the press. They have made what we would consider a generous offer." Paramount spokeswoman Janet Hill said, "We have the utmost respect for Tom Cruise and Cruise-Wagner Productions. We are currently in discussions to renew their deal."Cruise-Wagner’s production deal actually had expired in January, but both parties agreed to extend it until after "Mission: Impossible III" was released. It was then extended again until today.
LA Times
Another Hollywood nut being put in his place!
