Todd Black, president of production of Peter Guber’s Mandalay Entertainment, said Tuesday that he will ankle Mandalay after two and a half years with the Sony Pictures Entertainment-based company.
Mandalay had offered Black a three-year deal to continue as prexy of production when Mandalay moves its offices to Paramount this summer.
But Black said the financial terms were not acceptable.
“I want to state emphatically that everything was amicable,” Black said. “But I had to do the right thing for me. I’ve worked too hard there.”
Sources at Mandalay confirmed that the parting was mutual. Guber and Mandalay prexy Adam Platnick had no comment, but both had asked Black to stay.
Mandalay is unlikely to fill Black’s slot before it moves to Paramount, where it has a new deal with partner Lions Gate Entertainment.
Black was unclear on future plans. But he said several production and exec slots made themselves known to him Tuesday as word spread about his departure.
“I need to take a breather and figure out what I want to do,” Black said.
At Mandalay, Black either supervised or was the lone exec overseeing such pics as Mandalay’s big 1997 hit “I Know What You Did Last Summer,” its upcoming sequel “I Still Know,” the Randa Haines-directed “Dance With Me,” “Seven Years in Tibet” with Brad Pitt, “Donnie Brasco” starring Al Pacino and Johnny Depp, the upcoming “Wild Things,” “Deep End of the Ocean” with Michelle Pfeiffer, the Sharon Stone starrer “Gloria” and “Les Miserables.”
Prior to joining Mandalay, Black was a producing partner with Haines.