Tom Cruise, MGM to Relaunch United Artists
Cruise will star in and produce films for the studio, and his longtime production partner Paula Wagner will serve as chief executive.
MGM said Cruise and Wagner will set the studio's production slate, working on development and greenlighting projects, within certain parameters.
United Artists was founded 85 years ago and was the studio behind franchises including the Rocky, Pink Panther and James Bond movies.
Cruise and Wagner had worked with Paramount Pictures for 14 years before parting ways in August, amid harsh comments about Cruise by Paramount's parent-company chief, Sumner Redstone.