Paula Wagner leaves Tom Cruise’s United Artists
Is it all about the money?
Paula Wagner on Wednesday announced that she will be exiting as chief executive officer of United Artists.
She will retain an ownership interest in UA.
Wagner’s departure raises questions about the future of United Artists — and what will happen to the $500 million Merrill Lynch revolving fund that was allotted for UA films but that has barely been tapped.
Since Wagner and Tom Cruise became co-owners of the company with MGM, Wagner tried to greenlight movies but frequently butted heads with MGM. Harry Sloan was concentrating on his own slate, which he was developing with head of production Mary Parent, and trying to raise financing for MGM pics.
MGM execs insist that Wagner could have greenlit anything she wanted but wasn’t developing aggressively enough.
It’s possible the studio will once again go into hibernation and that the UA coin will go to MGM. However, one studio source insisted UA isn’t going to fold, adding that MGM couldn’t disband the division and tap its Merrill Lynch financing even if wanted to because the funds were raised specifically for UA-generated projects.
- from Variety