Tom Cruise cuts development deal

Several news organizations are reporting tonight that Cruise/Wagner Productions has signed a deal with an investment group headed by Daniel Snyder, owner of the Washington Redskins. Under terms of the agreement, Snyder, who also is chairman of Six Flaggs Inc., and Six Flaggs CEO Mark Shapiro will put up "a few million dollars each year for offices, staff and costs associated with developing movies at Mr. Cruise's Cruise/Wagner Productions." This sounds a little like the kind of overhead/development deal Cruise's company had with Paramount, until the studio wasn't willing to renew at the same terms - and then Viacom Chairman Sumner Redstone gave Cruise the heave ho. Under this new deal with Snyder, Cruise has to come up with separate financing for actually making movies. This is separate from the deal that Cruise's partner, Paula Wagner, had mentioned last week that supposedly involves the company lining up $100 million from two hedge funds. Still no word on the names of those hedge funds or whether that deal has actually been done. LAT