Paramount Pictures and blockbuster actor Tom Cruise are parting ways after 14 years.

Paramount is owned by Viacom Inc. Its chairman, Sumner Redstone, told The Wall Street Journal  that although the studio likes Cruise personally, it decided not to renew his production deal.

He said Cruise's recent conduct has been unacceptable to Paramount and has hurt attendance at his latest film Mission: Impossible III.

The actor has undergone recent public scrutiny after hopping on a couch during a taping of the Oprah Winfrey show to declare his love for actress Katie Holmes. He also has faced criticism for his promotion of Scientology and his public disapproval of anti-depressant prescription drugs.

Cruise's business partner Paula Wagner is quoted as telling the Associated Press that the negotiations fell apart, and she and Cruise were planning to independently finance their production company.

Cruise/Wagner Productions has been based at Paramount for 14 years, producing more than two billions dollars worth of business.

Some information for this report was provided by AFP, AP and Reuters.