Tom Cruise & Katie Holmes

Tom Cruise clearly displeased Viacom Chairman Sumner Redstone enough to get himself axed this week, but he evidently also committed one of the biggest cardinal sins for any employee: He pissed off the boss' wife.

Paula Fortunato, Redstone's wife, was "incensed" by one of Cruise's rants, and told her honcho husband that she was boycotting Cruise's product forever.

As the couple left after their marathon meal, the awaiting photogs wished them well and reminded them to write.

We're sure they will.

Hollywood is buzzing about Tom Cruise and the end of his relationship with Paramount Pictures -- and even more so about the verbal butt-kicking that Viacom chairman Sumner Redstone gave Cruise on his way out the door. So what ticked Redstone off so much?

"Sumner used to wear the same pair of movie-theater-usher pants..."

TMZ spoke to eight Viacom insiders, spread diversely across the media giant's numerous divisions, including the television networks and business affairs. The consensus was a bit surprising -- that Redstone is as nutty as Cruise, and the combo was bound to blow.

One well-placed source said that Cruise, who demanded a huge percentage of gross profits off the top of all his movies, was simply too rich for Redstone's cheap blood. The source mused that "Sumner used to wear the same pair of movie-theater-usher pants -- you know, the ones with the stripe down the side -- day after day with an unmatched suit jacket."

Several other sources attributed Redstone's anger to his native personality. "He has this whole old-fashioned, New England thing and doesn't suffer fools, especially creative ones, lightly," says one source who has worked with Redstone. "It doesn't take much to get him angry and he's probably been keeping this bottled up." Once he got wind that Cruise was trying to raise funds, says the source, Redstone decided to lash out.

Still another source says that Redstone was trying to make an example out of Cruise. Specifically, you don't "screw" with The Man. Cruise and his producing partner, Paula Wagner, say they were the ones to shut down negotiations with Paramount, after a chance of a deal seemed futile.

Virtually everyone we spoke with agreed -- Cruise's departure is a good thing for morale at Viacom. As one source said, as they were suffering "budget-cutting indignities," Cruise was living high on the hog. Now Cruise has been sent out to pasture, or, if you will Green Acres.

Sumner Redstone, chief honcho at Viacom, the parent company of Paramount, has ended the 14-year relationship with Cruise's production company, Cruise/Wagner Productions. According to The Wall Street Journal, Redstone cited Cruise's controversial conduct and behavior over the last year as the reason for the split.

Redstone reportedly believed Cruise's antics -- including his now infamous appearances on "Oprah" and "Today" -- had a negative impact on the bottom line for "Mission Impossible III." Redstone said, "As much as we like him personally, we thought it was wrong to renew his deal." Redstone told The Wall Street Journal: "His recent conduct has not been acceptable to Paramount."

Cruise/Wagner produced a string of hits for Paramount, including "Top Gun," "Mission Impossible" and "Days of Thunder."

UPDATE: Paula Wagner, Cruise's producing partner, responded angrily, claiming Redstone's comments were "outrageous and disrespectful." Wagner noted that her collaboration with Cruise has accounted for 15% of Paramount's theatrical revenues over the last decade. Wagner added that she and Cruise broke off negotiations with Paramount within the last few days. Finally, Wagner said her company has raised "a revolving fund of $100 million" from two hedge funds and that they will be making movies in the future.

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The hot new items with Hollywood moms are called Beca Bags -- an innovative mix of style and function. The fashionable totes have become all the rage on the red carpet, thanks Beca-bearers like Denise Richards, Britney Spears and Katie Holmes.

After Cruise and fiancée Katie Holmes gave an assist to a car accident victim last Saturday on a Los Angeles freeway, it's now time to anoint the "Mission Impossible" star with superhero status. You see for Cruise, saving people from distress isn't reserved for just the big screen. Over the years, Tom has used a multitude of superpowers to help those in need.

Super Agility
In 1996, Cruise wasn't involved in just one perilous situation, but three! In March, he came to the aid of a hit-and-run victim in Los Angeles, summoning an ambulance, following her to the hospital and then paying her $7,000 emergency-room bill. "If he's not Superman," Heloisa Vinhas told PEOPLE, "he can be Batman."

Super Sight
Then in August, while sailing the Mediterranean off the island of Capri, Cruise, with wife-at-the-time Nicole Kidman, spotted a sailboat on fire and its five passengers floating on a raft nearby. Cruise immediately sent over his yacht's skiff -- arriving shortly before the sailboat sank. After the incident, Cruise's publicist at the time proclaimed, "If I ever get in trouble, I hope Tom Cruise is nearby." Note to publicist -- the yacht staff also comes in handy.

Though the general public is now fully privy to Tom Cruise's penchant for bizarre behavior, the late baseball great Joe DiMaggio may have been one of the first to know.

A report this morning suggests that the actor followed Joltin' Joe all over the place, spooking him and nearly prompting him to call the cops.

Suri's been spotted again-this time by an actual civilian! The heretofore mysterious daughter of Tom Cruise and Katie Holmes put in an appearance at a recent birthday party at a Los Angeles roller-skating rink for Jaden Smith, the son of Jada Pinkett and Will Smith, according to a report this morning.

The anonymous source says that Suri "is a beautiful baby. She had no deformities that I could see! She has a gorgeous head full of dark, curly hair, and she resembles both parents, though she looks slightly more like Tom."

After stating yesterday that she has seen Suri Cruise, Penelope Cruz has since turned a 180 and is now refusing to talk about the baby anymore.

"I'm not going to talk about that anymore," she says of her Suri sighting, "I answered that yesterday and I'm not going to talk about it in detail because I really protect the people that I love."

Our weekly Suri Cruise sighting comes not from a Scientologist spreading the word of the as-yet-invisible child, but from one of Tom Cruise's ex-girlfriends.

Yesterday, Penelope Cruz said that she had in fact seen Suri and that the child is "one of the most beautiful babies I've ever seen."

Tom Cruise and Katie Holmes have booked their hairstylist for the entire weekend-and now tongues in Hollywood are wagging that Suri's parents are oh-so-achingly close to tying the knot, at least in some fashion, today or tomorrow.

Recently, TomKat had insisted that they're actually planning a fall wedding, but that might just be a ruse to throw eager paparazzi off the scent.

There's been another Suri Cruise sighting – and now we learn that she's got a head of "beautiful, black hair" and that she's "Daddy's little girl."

Jada Pinkett Smith and her husband Will are the latest celebs to catch a glimpse of the heretofore invisible spawn of Tom Cruise and Katie Holmes – and then tell the world about it.

What's more, Cruise's rep confirms that wedding bells will be ringing for TomKat sometime in the late summer or early fall.

Shiloh's pullover sweater was inspired by sisterhood. It features two smiling babies - Shiloh and Brangelina's other daughter Zahara

On Monday Katie returned to her favorite store. Katie had just returned from a month-long stay in Telluride when she made a beeline to the high end clothing store.

1) Jim Has Just GOTTA KNOW: What is the current relationship between Katie Holmes and her parents? Has she been allowed to associate with them?

After the birth of baby Suri, many rumors spread about the relationship between Katie and fiancé Tom Cruise and her folks Martin and Kathleen Holmes. Gossip columns also speculated that her parents might not attend their Scientology marriage ceremony because of their devout Catholic beliefs. However, sources close to Katie tell TMZ that the relationship between Ms. Holmes and her parents "has always been and remains a very close and loving one." And regarding the actual marriage date, plans have yet to be confirmed, but Holmes' parents are in every way expected to be present. Click here for the latest on the baby Suri saga.

2) Alex Has Just GOTTA KNOW: Is it true that Russell and Kimora Lee Simmons are headed for a divorce?

March was the month in which Def Jam co-founder Russell Simmons and wife Kimora Lee Simmons officially announced they were going to split, and it seems as if reconciliation isn't in the near future. The former ladies' man was spotted opening the door for and escorting a young blonde into a New York City (club?) last week. It can't be confirmed if the woman was Denise Vasi, Russell's reported new interest, but they sure do look a lot alike. To see the video and read the whole story for yourself, take a look at this.

3) James Has Just GOTTA KNOW: How is Ashlee Simpson's summer tour going?

"It's going great" are the words conveyed to TMZ regarding the summer tour for the younger of the two infamous Simpsons. Ashlee is on a six-week summer promotion kick for her second album "I Am Me." You can expect to see Ashlee this week at the following venues:

July 18: Darien Center, NY @ Darien Lake Six Flags P.A.C.
July 19: Private concert in NY for Victoria's Secret's World's Largest Pajama Party
July 20: Holmdel, NY @ PNC Banks Art Center

Ashlee wraps up her summer tour on July 29 in Clarkston, Michigan. To read more about the Pink clothing line she's helping to promote, read on.