Paramount and Tom Cruise Decide to Separate

Depending on which story you believe, Tom Cruise was either fired or decided to quit his production relationship with Paramount.

According to Sumner Redstone at Paramount, the studio decided to end it long and profitable relationship with Cruise/Wagner Productions, Cruise's company with producing partner Paula Wagner. Redstone told the Wall Street Journal that Cruise's "recent conduct has not been acceptable to Paramount."

The folks at Cruise/Wagner Productions have a different story. According to them they opted to stop negotiating with Paramount over a week ago and go the independent route.

"For some reason, Paramount has chosen to negotiate in the press," Wagner said, calling Redstone's announcement "surprising."

"It's not really the most businesslike approach," she said. "We've had virtually no dealings with Mr. Redstone."

"As much as we like him personally," Redstone is quoted as saying, "we thought it was wrong to renew his deal." He then cited Cruise's "recent conduct" as the reason.