The one exception was a film MGM had a hand in helping finance: "Rocky Balboa," a $24-million sequel that exceeded industry expectations by grossing nearly $70 million domestically.
Part of Sloan's strategy is to continue capitalizing on other MGM franchises such as the lucrative "James Bond" and "Pink Panther" series. MGM also plans sequels to the popular caper movie "The Thomas Crown Affair" and to "Terminator." Such recognizable titles give MGM more clout with theater owners, DVD retailers and international TV buyers. Increasing his leverage also drove Sloan's aggressive play to bring Cruise aboard.
In November, shortly after Viacom Inc. Chairman Sumner Redstone had banished Cruise from his longtime home at Paramount Pictures for his off-screen antics, Sloan called the actor's representatives.
"When there was all this controversy, Harry stepped up and very vocally said he'd love to be in business with Tom Cruise," said the star's longtime producing partner, Paula Wagner. "When we moved out of Paramount, he offered us office space."
Cruise and Wagner quietly moved to MGM. While they were weighing their options, Sloan cooked up the idea of having the pair revive United Artists, offering them a 35% ownership stake and the chance to run a financially and creatively autonomous production company without interference from a big studio. Sloan is in the process of raising a $500-million fund to finance and market UA films.
Some wonder why a star of Cruise's caliber would hitch his wagon to a man he didn't know and whom many in Hollywood are still sizing up. "Harry offered us an opportunity to put into motion a dream we had to create a company that embraced the artist," Wagner said.
Sloan's end game? To double MGM's nearly $5-billion value over the next few years and take the company public or sell it. He has more than $30 million of his own money at stake.
His penchant for deal-making has fueled rumors about some interim matchups for MGM. In part, that speculation stems from his deep friendships with other Hollywood figures.
Going back decades, Sloan has been part of an old-boys club of TV executives that, in addition to Moonves, includes Lionsgate Chief Executive Jon Feltheimer; Ted Harbert, chief executive of Comcast Entertainment Group, which includes channels such as E! and G4; and their mutual attorney Ernest Del, among others. They celebrate one another's birthdays and vacation together.
