No, Lionsgate did not get bought out by Tom Cruise, they are taking on an adaptation of the comic book Deal with the Devil by Mark S Miller.
The story follows FBI Agent Anthony Goodwin, a legendary manhunter until his final case. The killer he was after, Kevin Runyan, turned the tables and became his hunter. He loses his career and his suspect — who turns up four years later, asking for his help. Goodwin must decide whether to help the man stop a dangerous copycat killer.
I haven’t had the chance to read this one yet, but it sounds like a good story.
Yes, the idea has been done before. Teaming up with a criminal to stop a greater threat. It makes for a great story and a lot of inner conflict as the hero struggles to do his duty while conflicted to have to call a hated enemy his ally.
I look forward to more news on this.