Tuesday, August 29, 2006

Cruise Makes Financing Deal With Investors - Los Angeles Times

"Tom Cruise cut a limited financing deal Monday with a group of investors who include the owner of the Washington Redskins and a former top executive of Walt Disney Co.'s ESPN channel, allowing Hollywood's most bankable star to move his production company off the Paramount Pictures lot after 14 years.

The new deal is a fraction of the production contract Cruise currently receives from Paramount, underscoring the star's declining popularity at the box office. The investor group would provide Cruise with $2 million to $3 million a year to cover the overhead of his movie production company, according to a source familiar with the deal. Terms of the new deal were not disclosed Monday."

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