Mr Cruise, 36, was present at the High Court in London to hear a public apology for the publication of a "highly offensive" article in the Express on Sunday in October 1997.
His counsel George Carman QC, told Mr Justice Eady: "The article recycled a selection of wholly unfounded rumours about the plaintiffs of a highly offensive nature."
Express Newspapers is believed to have paid damages in excess of pounds 100,000 to each of the two actors and their legal costs of pounds 150,000.
Speaking after the case Mr Cruise said court action was "the last recourse against those that published vicious lies about me and my family".
"This was certainly not about money. Every penny of this very substantial sum will be donated to charities."Reuse content