In a press release and brief report on its Website, the glossy touted its Feb. 27 cover story, which bears the headline "SPLIT! And Katie's 7 Months Pregnant."

"Life & Style has learned exclusively that Tom Cruise and Katie Holmes have agreed to call off their wedding--and, ultimately, to split," the story says, attributing two unnamed "friends" of the couple.

The report continues, saying parents-to-be Cruise and Holmes "plan to keep up the charade of a romance until after their baby's birth this spring. In the meantime, the couple will live in his Beverly Hills home--though sleeping in separate bedrooms--through the summer," presumably after Mission: Impossible 3 reaches blockbuster status. (The sequel comes out May 5.) The report concludes by saying Cruise will buy Holmes a house nearby so he can visit their child whenever he wants and that the stars will have joint custody. The issue featuring the story is due on newsstands Friday.

The story and press release went out shortly after noon PT. By 1 p.m., Cruise and Holmes' joint denial was in circulation.

"It should be known that the story is 100 percent false," publicist Arnold Robinson said in a statement. "Mr. Cruise and Ms. Holmes are still engaged and are moving forward with their wedding plans, as well as planning for the arrival of their child."

Cruise, 43, famously announced his love for the 25-year-old Holmes while hopping up and down on Oprah Winfrey's furniture. Within two months of their initial hook-up, he proposed atop the Eiffel Tower in June. By October, they announced Holmes' pregnancy, with Cruise monitoring the fetus' progress on his own sonogram machine to the chagrin of OB/GYNs everywhere. About the only thing the couple hasn't shared is their wedding date.

"Despite the malicious fallacies put forth by Life & Style magazine, the couple is looking forward to a long and happy life together as a family," said Robinson.

Life & Style, meanwhile, calculated its accuracy a bit differently, announcing, "We stand 100 percent behind our story."