Vulture was the first to the news, reporting that the Iron Man and Iron Man 2 director had informed Marvel executives of his decision to leave the series earlier in the week. There was some skepticism towards the news at first, with some seeing this as a negotiating tactic on either Marvel or Favreau's side, not unlike the tense business dealings that went down between the two parties leading up to Iron Man 2. But Favreau himself has since confirmed the news, telling his Twitter followers: "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 has also discussed his departure from Iron Man 3 with Hero Complex, saying that his decision was motivated by a desire to pursue something new with Disney's Magic Kingdom, a family film about the Disneyland theme park coming alive after closing hours.