Historical film studio United Artists is doing well under the protective watch of Tom Cruise and production partner Paula Wagner: the company will receive half a billion dollars to finance its films, through Merrill Lynch.

Tom Cruise announced that he would revive United Artists together with his longtime production partner Paula Wagner in late 2006, after their partnership with Paramount Pictures fell through earlier that year.

If anyone was worried the film label would not make it through, they can now rest assured. United Artists announced Thursday that it had secured $500 million through Merrill Lynch, which will finance 15 to 18 films over the next five years.

“The closing of this financing is an important milestone for the new United Artists,” UA chief-executive Paula Wagner said. “It leaves us perfectly poised to realize our vision of making movies that are both important and commercial.”

It was some nine months ago that MGM Chairman Harry Sloan signed a deal with Cruise and Wagner to resurrect UA.

This came after Cruise’s “Mission: Impossible III” had modest success at the North American box office, determining Paramount Pictures to end its longstanding collaboration with the actor.

Cruise has since been busy with his new project. Come November, “Lions for Lambs,” directed by Robert Redford and starring Cruise and Meryl Streep, will hit the screens, via United Artists.

Next will be “Valkyrie,” slated for release next summer, which also stars Cruise and is directed by Bryan Singer. Both movies will be financed through Merril Lynch.

United Artists expects to release four to six films each year.

The studio was founded by Hollywood legends Charlie Chaplin, Douglas Fairbanks, Mary Pickford, and D. W. Griffith in 1919. Among the iconic actors to have worked with the studio on memorable movies are Katherine Hepburn, Marilyn Monroe and Marlon Brando.

Tom Cruise was named the world's most powerful celebrity in 2006 by Forbes. Upon announcing the deal between UA and Tom Cruise, Harry Sloan said in a statement: “Tom and Paula are the modern versions of the iconic founders of United Artists. Our partnership with them reaffirms our commitment to providing creative talent with a comfortable home at United Artists.”