NEW YORK - Newlyweds Tom Cruise and Katie Holmes will celebrate their nuptials with a post-wedding party in Los Angeles this weekend. A reception/cocktail party will be held Saturday at the home of Hollywood power couple Paula Wagner, who is Cruise's producing partner, and Rick Nicita, the actor's agent, Arnold Robinson, a spokesman for Cruise, told The Associated Press on Wednesday.

Tom Cruise and Katie Holmes arrive at the Legends Ball, in a Saturday, May 14, 2005 photo in Calif. [AP]

Cruise, 44, and Holmes, 27, were married Nov. 18 in Bracciano, Italy. Afterward, they flew to the Maldives for a two-week honeymoon.

The party is "for friends (who) were not able to attend the wedding in Italy," Robinson said.

Cruise and Holmes are the parents of a 7-month-old daughter, Suri.

Last month, MGM announced that Cruise and Wagner would be in charge of the United Artists movie studio. They were cut loose from a 14-year producing deal with Paramount Pictures in August.

Sumner Redstone, chairman of Paramount parent company Viacom Inc., had blamed Cruise's antics over his romance with Holmes (jumping on talk-show host Oprah Winfrey's couch, for example) and his Scientology preaching for undermining box-office returns on the actor's "Mission: Impossible III."