BREAKING: Legendary Entertainment president/CCO Jon Jashni is exiting to form Raintree Ventures, a new investment and incubation fund for entertainment initiatives focusing on immersive content and location-based ventures. This was just announced by Legendary chairman/CEO Thomas Tull. Jashni has been Tull’s right hand man as Legendary built itself from a  co-financier into a generator of global tent pole properties and a fixture at San Diego Comic-Con. Legendary began this evolution at Warner Bros and now is based at Universal Pictures. The move comes after Legendary was sold to Wanda for $3.5 billion last month. “Jon has helped me build Legendary as a trusted advisor, friend and collaborator and I couldn’t be more proud of his contributions over the last decade. I look forward to working with him in his new venture,” Tull said in a statement. Jashni joined Legendary from Hyde Park in 2006 and in his run has collaborated with such brand partners as Blizzard, Mattel, Electronic Arts and Toho, and filmmakers from Zhang Yimou, Baz Luhrmann, Guillermo del Toro to Paul Greengrass.

Said Jashni: “I am exceedingly proud of having been a part of the team which has grown this company. I was afforded a life-changing opportunity by Thomas ten years ago and I will be forever grateful to him and to my Legendary colleagues for the privilege of working together.”

According to the announcement, Tull and Jashni will still collaborate as Raintree Ventures invest in and builds immersive content and location-based experiences. Before Hyde Park, Jashni was a senior veep at Fox, ran Irving Azoff’s Giant Pictures, and earlier was a CE at Columbia Pictures