Jon Favreau bails out on Iron Man 3

[HMG Celebrity News] – Since its debut in the Spring of 2008, the Iron Man franchise has raked in $1.2-billion worldwide, resurrected Robert Downey Jr’s career and made the director, Jon Favreau a rich man. But Jon has now quit the series and will not make Iron Man III.

In typical Hollywood fashion the 44-year old New Yorker is making light of his decision, and merely insists it’s time for a new challenge. In this case it’s “Magic Kingdom,” a movie about a family trapped in Disneyland who have magical encounters with the attractions and rides.

“When I first heard about the project, I was on my way to Disneyland with my family,” Jon tells the Times. “I took notes and had no problem filling a book with all the ideas it offered.”

But Iron Man fans have since filled internet forums with speculation that the true reason for Jon’s exit is money. Disney is known to be frugal, and insiders say after bagging $10-million for IM-2 Jon was looking for $12-15 million just to start the third movie, plus 15-percent of the gross after it recouped all its costs.

Disney understandably blinked. And sources close to the mouse-house say the bosses deliberately made their plans for IM-3 film as confusing as possible – just so he’d quit.

“In theory, Iron Man 3 is going to be a sequel or continuation of Thor, Hulk, Captain America and Avengers,” said a bemused Favreau at the time, “I have no idea what it is. I don’t think they do either, from conversations I’ve had.”

But Jon makes the split sound like graduation from film school, rather than an acrid divorce;

“Marvel and I both came of age together,” he explained. “The years that we shared were a pivotal experience. ‘Iron Man’ has given me tremendous opportunities, and I look forward to seeing what others can do playing in the same world.”

And he’s really jazzed about ‘Magic Kingdom,’ and sees it as a way to revive the family-friendly spirit of “Elf,” his 2003 film with Will Ferrell.

“I can’t begin to tell you how fulfilling the perennial nature of ‘Elf’ has been,” Favreau gushed. “It’s great to be able to connect parents with children emotionally, and through humor. I look forward to exploring family entertainment again and examining our lives against the backdrop of extraordinary adventure.”

But Jon’s exit gives Disney has a problem – He and Robert Downey are buddies, and Rob has director approval and first-pick of several other strong films. If Disney can’t or don’t find a director he likes – and fast – Rob could walk and the franchise could sink.

So, the chair is vacant and the clock is now running. Who would you want for the job?…