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Reuters - Paula Wagner, one of Hollywood's most powerful women and the producing partner of actor Tom Cruise, said on Wednesday she is leaving her job as chief executive of United Artists to make movies for herself.

By Bob Tourtellotte

Paula Wagner, one of Hollywood's most powerful women and the producing partner of actor Tom Cruise, said on Wednesday she is leaving her job as chief executive of United Artists to make movies for herself.

Wagner, 61, and Cruise, 46, acquired an ownership stake in United Artists in November 2006 with plans to revive the film studio alongside its parent company, Metro-Goldwyn-Mayer Inc. Wagner ran UA's operations, and the presence of Cruise was expected to lure high-profile film projects and stars.

"As much as I've enjoyed my time as an executive, I have longed to return to my true love, which is making movies, so that's what I've decided to do," Wagner said in a statement.

Separately, MGM said in a statement there would be no changes to Cruise's involvement with UA, and an MGM spokesman declined to comment beyond that statement.

UA will continue to operate with its full staff, and Cruise and Wagner will still own stakes in it. Some reports have put their combined ownership at as high as 30 percent to 35 percent with MGM controlling the remainder. But MGM has never publicly disclosed the amount held by each owner.

Two sources familiar with the situation said Wagner was disappointed at not being given the autonomy she was initially promised from MGM Chairman Harry Sloan, but others disputed that idea and said their was no acrimony between them.

Sources said Wagner would leave her job after completing post-production on World War II drama "Valkyrie," and she will make movies under her own film label and for UA.

RISE TO THE TOP

Wagner rose to power as a talent agent and helped guide the career of Cruise as he grew into one of Hollywood's biggest stars with hits like "Risky Business" and "Top Gun." Over the years, her producing credits included the "Mission: Impossible" films and "War of the Worlds."

But UA has released only one movie in her tenure, last year's box office flop "Lions for Lambs" which starred Cruise and Robert Redford. "Valkyrie," its second movie, had been slated for a summer 2008 release but was delayed.

Still, Wagner said in her statement she was proud to have put a strong slate of films into development at UA, including "Ranger's Apprentice" from Oscar winner Paul Haggis and "Champions" by director Guillermo del Toro.

Cruise and Wagner bought into UA hoping to revive a venerable studio formed nearly 90 years ago by Charlie Chaplin, Douglas Fairbanks, Mary Pickford and D.W. Griffith.

They previously housed their film company, Cruise/Wagner Productions, at Viacom Inc's Paramount Pictures, but left in 2006 after Viacom Chairman Sumner Redstone publicly criticized Cruise and the box office results for "Mission: Impossible III."

When Cruise and Wagner left Paramount, MGM saw partnering with them as one way to restart its own movie production and they chose to revive UA, which had previously been shuttered.

In recent months, however, MGM has embarked on a new strategy of bulking up film production outside of UA, and it has hired several executives to kick-start that effort.

(Editing by Mary Milliken and Braden Reddall)