Jon Favreau exits Marvel and Iron Man 3 director’s chair for Magic Kingdom

Scene from Iron Man 2

According to THR, Jon Favreau is not going to direct Iron Man 3 for Marvel Studios.

According to the report, Favreau’s negotiations to direct Iron Man 2 were difficult, and while he received $10 million for the gig, plus a piece of the profits, it came close to not happening. Then, after directing Cowboys and Aliens, his ask went up. And Marvel, known for keeping costs as low as possible, wouldn’t commit. Favreau also contracted to develop and direct a big film for Disney based on the Magic Kingdom.

Favreau alluded to strains in the relationship during a recent MTV News interview:

“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.”

Favreau has apparently confirmed in a tweet.:

“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 was a large part of Iron Man and his loss is sure to be felt. He and Terrence Howard helped convince Marvel to hire Robert Downey Jr. He also smartly went with practical effects over CGI, making the first movie standout.

There’s been no word on a possible replacement as of yet.