It’s not all fund in sun

Mednick exits Legendary Pictures

Just as there are shakeups at studios, so it goes for the private equity funds as they settle into life in Hollywood.

Scott Mednick, chief marketing officer of Warners-based Legendary Pictures, has departed the financing and production unit. He’s expected to announce his future plans in the coming weeks.

At least Mednick leaves on a high note: Legendary is one of Warner’s partners on “300,” which cost $60 million to make and grossed more than $85 million in its first five days at the domestic B.O.

Virtual Studios, the other Warners-based fund, also co-financed “300.” It’s the first time both funds have been on the same film, reflecting Warners’ desire to spread the risk aroundsince “300” was a such an unconventional project and, as such, an unknown quantity.

Legendary had no comment on Mednick’s departure. He reported to Legendary chair-CEO Thomas Tull, as does COO-CFO Larry Clark, prexy of physical production William Fay and chief creative officer Jon Jashni.

The success of “300” is a strong shot of adrenaline for Legendary and Virtual Studios, both of which have seen some rocky times in their short run in Hollywood — Virtual with “Poseidon” and Legendary with “Lady in the Water” and “Ant Bully.” (Benjamin Waisbren resigned as Virtual topper within days of “Poseidon’s” tepid opening.)

Mednick, with his long hair and Bentley, cut a stylish figure on the Warners lot, where Legendary has its offices. Previous gigs include serving as prexy-CEO of Peter Guber‘s Mandalay Branded Entertainment, where he helped market scores of films.

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