PopSyndicate.com

MGM and UA could go down in flames before they get back on their feet due to the announcement that chief executive, Paula Wagner, is stepping down after two years on the job.  After working with Tom Cruise for 15 years, Wagner is leaving the successful partnership to pursue new projects. 

In 2006, Wagner and Cruise left Paramount in a highly publicized departure.  MGM chief Harry Sloan offered them the chance to bring United Artist back from the grave and help return MGM back to being a major player in Hollywood. 

With Wagner’s departure the future of UA and Tom Cruise, who has been stumbling at the box office recently thanks to his bizarre off screen antics, seem uncertain.  Cruise is not an executive at UA but together with Wagner owns a 30% controlling share in the studio and has a huge involvement in the creative decisions. 

MGM has not named an immediate successor to Wagner but hopes to soon.  Since joining UA, Wagner has approved one film, the $35-million political drama “Lions for Lambs”, which bombed in theatres.  Her next film “Valkyrie” will be released on December 26th.  If it fails as well, this could be the end of UA for good and will greatly tarnish the revitalization efforts of Sloan and MGM.