Jon Favreau not directing "Iron Man 3"

Tue Dec 14, 2010 10:21pm EST
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By Borys Kit

LOS ANGELES (Hollywood Reporter) - Jon Favreau, the director of the first two "Iron Men" features, is not returning for the third installment of the Marvel superhero series, he said via Twitter on Tuesday.

Favreau's negotiations to direct "Iron Man 2" were a tough slog, and while he got $10 million for the gig, as well as a share of profits, it came close to not happening. When he did the summer 2011 sci-fi epic "Cowboys and Aliens," his price went up. Marvel, known for keeping its costs as low as possible, wasn't likely to pay him more. He also recently signed on to develop and direct "Magic Kingdom," a big Disney movie based on its theme parks.

"It's true, I'm directing Magic Kingdom, not Iron Man 3. I've had a great run with Marvel and wish them the best," Favreau tweeted.

He alluded to strains with Marvel in a recent MTV News interview, where he said, "In theory, Iron Man 3 is going to be a sequel or continuation of Thor, Hulk, Captain America and Avengers. That whole world ... I have no idea what it is. I don't think they do either, from conversations I've had with those guys."

The first two "Iron Man" films grossed more than $1.2 billion at the worldwide box office, and turned Robert Downey Jr. into an action hero. The third film is set for release in 2013.

<p>"Iron Man 2" director Jon Favreau waves at the movie's premiere at El Capitan theatre in Hollywood, California April 26, 2010. REUTERS/Mario Anzuoni</p>