United Artists to be reborn with Tom Cruise.

ET breaks news that movie studio United Artists will be reborn under a partnership formed between Cruise, his producing partner, PAULA WAGNER, and MGM. Sources tell ET that the deal was signed last night.

Cruise and Wagner will drive the rebirth of United Artists as MGM's operating partner. Along with their ownership, Cruise and Wagner will have control of setting the company's production slate, from development to production green lighting ability.

Wagner will serve as CEO of United Artists, overseeing the day-to-day operations alongside producing partner Cruise, who will star in as well as produce films of United Artists.