Tom Cruise did NOT pay Katie Holmes a lump sum of $50 million as previously reported by some outlets, BUT, he will be paying $10 million in child support over the next 12 years.
According to TMZ.com, the payments will be made for 6-year-old Suri until she turns 18.
Katie filed for divorce from Tom on June 28. The couple reached a divorce settlement earlier this week, although no details were publicly disclosed.
The deal avoids a long court battle that could have become a public relations nightmare not only for Tom, who has several big-budget movies upcoming, but also for Scientology.
