Warner Bros Discovery Inc's (NASDAQ:WBD) Motion Picture Group Co-Chairs and CEOs Michael De Luca & Pam Abdy, and Tom Cruise have struck a deal to jointly develop and produce original and franchise theatrical films in 2024.

The partnership marks a return to Warner Bros. for Cruise, whose previous films with the studio include Edge of Tomorrow, Rock of Ages, The Last Samurai, Eyes Wide Shut, Interview with the Vampire, Risky Business, The Outsiders, and New Line's Magnolia.

Tom Cruise, an actor, producer, and philanthropist in a career spanning over five decades, is a three-time Oscar nominee whose films have earned nearly $13 billion in worldwide box office.

"Our vision, from day one, has been to rebuild this iconic studio to the heights of its glory days, and, in fact, when we first sat down with David Zaslav to talk about joining the Warner Bros. Discovery team, he said to us, 'We are on a mission to bring Warner Bros. back – we have the best resources, storytelling IP, and talent in the business – and we need to bring Tom Cruise back to Warner Bros!'," said De Luca and Abdy.

Cruise and his production company will have offices on the Warner Bros. Discovery lot in Burbank.

His latest success was evident in the 2022 blockbuster "Top Gun: Maverick," which grossed nearly $1.5 billion worldwide, according to Comscore, which Reuters noted. Additionally, his recent release, "Mission: Impossible - Dead Reckoning Part One," has achieved a substantial $568 million in global box office revenue, as per the report.

Cruise is now set to collaborate with Warner Bros on new projects under a non-exclusive agreement, while also continuing his work with Paramount Global (NASDAQ:PARA) Paramount Pictures on the next "Mission: Impossible" installment, according to the report.

Price Action: WBD shares closed lower by 3.25% at $11.03 on Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Wikimedia Commons