Jon Favreau Explains Why He Left 'Iron Man 3'

Jon FavreauIt's official, folks: Jon Favreau is not directing "Iron Man 3."

Following yesterday's initial report that Favreau was walking away from the Marvel Studios property after directing the first two installments in the series, the director himself has taken to the airwaves to come clean on the news.

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

Favreau was hired to direct "Magic Kingdom" for Disney some weeks ago. The film focuses on a family that's trapped inside of Disneyland after closing hours, and much to their surprise, the theme park starts coming to life all around them.

The director spoke about this project and his departure from "Iron Man 3" at great length in an interview with Hero Complex, during which he stated that there's no animosity between him and Marvel over his decision.

“Marvel and I both came of age together,” he said. “The years that we shared were a pivotal experience. [Marvel chief Kevin Feige] has a firm grasp on the many franchises and how they all interweave and I am happy that I had the opportunity to establish the world that these characters can now play in."

"‘Iron Man’ has given me tremendous opportunities and Kevin and I are enjoying a lot of momentum in our careers thanks to the ‘Iron Man’ films," he added. "I look forward to seeing what others can do playing in the same world.”

Although Favreau won't be directing "Iron Man 3," his days with Marvel aren't over. The director confirmed that he's still a producer on "The Avengers," and it remains unknown — and therefore still possible — whether or not he'll reprise his role as Happy Hogan for the next "Iron Man" outing.

Tell us what you think of the news in the comments section and on Twitter!