Holy Moly! Tom Cruise has been dumped by Paramount! Despite their 14 year relationship, Paramount has decided to NOT renew Tom's contract for Cruise/Wagner Productions. The thing about Cruise is... he has enough money to start his own company. So I don't think this is the last we are going to see of him.

Tom Cruise has been unceremoniously dumped by his Paramount studio partners for his sofa-jumping antics on TV. Revered Paramount boss Sumner Redstone has ended his company's 14-year relationship with Cruise/Wagner Productions because he no longer wants to be associated with the movie star. Redstone tells newspaper The Wall Street Journal he believes Cruise's bizarre antics on TV shows like Oprah and Today had a negative effect on the box office take of Paramount's 2005 summer blockbuster War Of The Worlds. He snipes, "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." (source)