Tom Cruise has dropped his bombshell $50 million lawsuit against a magazine publishing company who claimed he had "abandoned" his daughter, Suri, Breaking Celebrity News is reporting.

Resolved on Friday, both parties — Cruise and Bauer Media Group — agreed to dismissal and both sides will pay for their own legal costs, The Hollywood Reporter first reported.

The lawsuit garnered plenty of headlines throughout the course of its run, with Breaking Celebrity News publishing numerous exclusive reports from the explosive court documents and depositions.

Bauer's publication, Life & Style, published a cover story in Oct. 2012 claiming the action star had "abandoned" Suri after his split from Katie Holmes, prompting Cruise to take legal action.

Read The Court Documents

Cruise's lawyer Bert Fields told THR at the time, "Tom doesn't go around suing people. He's not a litigious guy. But when these sleaze peddlers try to make money with disgusting lies about his relationship with his child, you bet he's going to sue."