11/02/2006 AT 02:15 PM EST
Tom Cruise has signed on with Metro-Goldwyn-Mayer Studios Inc. to resurrect the United Artists movie studio, MGM chairman and CEO Harry E. Sloan announced Thursday.
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
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.