NEW YORK - It’s Tom Cruise vs. Sumner Redstone in a case of you’re fired-I quit at Hollywood’s highest level.

On one side is the chairman of Viacom, Inc., which owns Paramount Pictures.

On the other is the industry’s biggest and most bankable star, whose last seven films have each generated over $100 million.

Redstone said Tuesday that Paramount would sever its long and profitable relationship with Cruise/Wagner Productions, Cruise’s company with producing partner Paula Wagner. Redstone told the Wall Street Journal that Cruise’s “recent conduct has not been acceptable to Paramount.”

But Wagner told The Associated Press that agents for Cruise/Wagner Productions stopped negotiating with Paramount over a week ago and since secured independent financing, effectively taking any contract-renewal deal off the table.

“For some reason, Paramount has chosen to negotiate in the press,” Wagner said, calling Redstone’s announcement “surprising.”

“It’s not really the most businesslike approach,” she said. “We’ve had virtually no dealings with Mr. Redstone.”

Paramount referred all calls on the matter to Viacom. Viacom spokesman Carl Folta had no comment late Tuesday.

“As much as we like him personally,” Redstone is quoted as saying, “we thought it was wrong to renew his deal.” He then cited Cruise’s “recent conduct” as the reason.

In the past year or so, Cruise couch-hopped on Oprah Winfrey’s talk show while proclaiming his love for Katie Holmes, criticized the use of antidepressants and claimed that postpartum depression doesn’t exist. He also got into an angry exchange with Matt Lauer on the “Today” show while defending his opinions.

With “War of the Worlds” and “Mission: Impossible 3,” Cruise helped earn nearly $1 billion for Paramount this year alone, Wagner said. Cruise/Wagner Productions brought “M:I3” director J.J. Abrams to the studio, she said, which recently inked a five-year arrangement with Abrams.

She and Cruise had been considering independent financing for their company “for a long time,” she said.

“For us, this is a very new and exciting direction. We look forward to working with all the studios.”

-AP

— In June 2006 Cruise took the No.1 spot on Forbes magazine’s annual list of the world’s 100 most powerful stars. In the last 10 years all but one of his movies have grossed more than $200 million worldwide. His top-grossing movie was ”War of the Worlds” (2005), which topped $590 million around the world.

— In May 2006, a USA/Today poll showed his public approval rating had slipped to 35 percent. Many of those polled cited his blunt criticism of actress Brooke Shield’s treatment for depression and of psychiatry in general.

— In 2005, he became the butt of jokes for a manic, couch-hopping TV appearance declaring his love for girlfriend Katie Holmes on the Oprah Winfrey show.

— Hollywood’s highest accolade — an Oscar — has eluded Cruise, despite three acting nominations for his roles in “Magnolia”, “Jerry Maguire” and “Born on the Fourth of July.”

— As a teenager, Cruise planned on becoming a Roman Catholic priest. In 1990 he converted to the controversial Church of Scientology, becoming one of its most high profile advocates, and credited it with helping him overcome dyslexia and finding “inner peace.”

— Twice married — to actresses Mimi Rogers and Nicole Kidman — Cruise is currently engaged to actress Katie Holmes, with whom he had his first biological child, Suri, in April 2006.

-msnbc

Dammit Aaron you beat me to this.

Wonder when his kid is gonna turn up finally. And the Loch Ness monster and Bigfoot, etc.

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haha

i got it 13 minutes after AP posted it.

Seriously, though, isn't this news insane. I can't believe they kicked his ass out for real. Looks like he really pissed some people off (not too shocking, no?)...

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