Shane Black is directing the movie, which will be produced by Joel Silver
Joel Silver is producing the movie and will soon begin shopping the project to studios and buyers
Marvel's latest release has already surpassed $300 million overseas and hits domestic theaters on Friday
Robert Downey Jr. makes the witty banter and explosive action zing -- just don't worry too much about the convoluted plot
Robert Downey Jr. experiments with his new and improved armor while under heavy helicopter fire
The actor promotes his latest "Iron Man" movie with Chinese co-stars Wang Xueqi and Fan Bingbing
"Iron Man 3" will open in theaters next May
Favreau will executive produce the Iron Man sequel in addition to driving Robert Downey Jr. around
Shane Black and Michael London are among the judges for the competition geared to student filmmakers
Drew Pearce also wrote the screenplay to Marvel's "Runaways," now on hold
As TheWrap reported a week ago, director would re-unite with his "Kiss Kiss, Bang Bang" star Robert Downey Jr.
The 'Lethal Weapon' writer and 'Kiss Kiss Bang Bang' director could reunite with Robert Downey Jr.