Jon Favreau Confirms He's Not Directing IRON MAN 3

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Update, 12/15: In an interview with the Los Angeles Times, Favreau commented positively on his time on the Iron Man films, saying, "Iron Man has given me tremendous opportunities and [Marvel Studios President] Kevin [Feige] and I are enjoying a lot of momentum in our careers thanks to the Iron Man films. I look forward to seeing what others can do playing in the same world." Additionally, Feige, who could not be reached for comment on the story, was described in the article as an "informal sounding board" for Magic Kingdom.

Original story, 12/14: Jon Favreau has confirmed via his Twitter account that he will not be returning to direct a third Iron Man film, following reports Tuesday that first surfaced on New York Magazine's Vulture blog.

"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," read a tweet posted Tuesday evening on Favreau's account. Magic Kingdom is a Disney film in development about a family stuck in Disneyland when the attractions come to life, keeping Favreau with Marvel's parent company for the time being.

Favreau directed both 2008's Iron Man and this past May's Iron Man 2, also playing the role of supporting character Happy Hogan in both films. He's serving as executive producer on the 2012 film version of The Avengers, which will also feature Robert Downey, Jr. as Iron Man.

Cowboys & Aliens, Favreau's next film and an adaptation of a graphic novel created by Scott Mitchell Rosenberg and co-written by Fred Van Lente and Andrew Foley, is scheduled for release on July 29, 2011.

In October, May 3, 2013 was announced as the release date for Iron Man 3.

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