Tom Cruise and Katie Holmes reach divorce settlement

The would-be big showdown between Tom Cruise and Katie Holmes won’t be, after all.

While speculation over a potential cross-country battle for custody of their 6-year-old Suri reached a fever pitch over the weekend, the estranged couple announced this morning that they have quietly and privately reached a settlement.

“The case has been settled and the agreement has been signed,” Holmes’ attorney told E! News. “We are thrilled for Katie and her family and are excited to watch as she embarks on the next chapter of her life.

“We thank Tom’s counsel for their professionalism and diligence that helped bring about this speedy resolution.”

Full Story: Tom Cruise, Katie Holmes reach divorce settlement, vow to keep “Suri’s best interests” in mind