Despite early reports suggesting that Paramount would be renewing their deal with Tom Cruise and his Cruise/Wagner Productions, albeit under substantially less lucrative terms, Viacom (Paramount's parent company) chairman Summer Redstone has decided against renewing Cruise's deal and will essentially be booting Cruise's ass off the Paramount lot. Even though Cruise perhaps believed himself to have such an air of impenetrability that his offscreen Scientology-fueled antics would have no repercussions whatsoever, the reason given by Redstone for ending the relationship with the megastar was "As much as we like him personally, we thought it was wrong to renew his deal. His recent conduct has not been acceptable to Paramount." Ooooh, buuuuurn! Of course, it's likely Cruise will be setting up shop at another studio in no time but for a studio to sever all ties after a fourteen-year relationship with arguably the world's biggest star? Maybe now Cruise will understand the gravity of his continued insanity.
Source: Joblo
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