Director Jon Favreau Exits "Iron Man 3"
Wed, 15 Dec 2010

Director Jon Favreau won't be helming the planned "Iron Man 3," he has confirmed. After directing the first two Robert Downey Jr.-starrer flick, he has decided to leave the Marvel Studios project and just direct another film.

He wrote on Twitter: "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."

The reason for his departure is still unclear.

Vulture blog, which first reported the story, cites an insider who said that Favreau was frustrated with the studio's urge to stuff their in-house heroes in the third film in preparation of the upcoming "The Avengers."

He previously told MTV News that he had no idea what the third "Iron Man" film would be and he doubted that the studio execs also knew where they were heading.

Other sources told the blog that Marvel had deliberately been giving confusing projection for the film to provoke Favreau into leaving the project because they refuse to pay his growing price tag. The director, who also played Tony Stark's bodyguard Happy Hogan in the first two films, reportedly received million for the first sequel. If he were still to handle the third installment, he would likely command to million up front plus a 15 percent gross.

Marvel is now looking for a replacement director for the film, which is slated for a 2013 release date.

Favreau, meanwhile, will be directing a project for the Marvel parent company, Disney. "Magic Kingdom" will center on a family's adventure while trapped in Disneyland.

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