Iron Man 2 and Avengers Update

As part of his four picture deal with Marvel Studios, Robert Downey Jr. is appearing as Tony Stark in "The Avengers" motion picture, as well as reprising his starring role as the larger-than-life leading character in "Iron Man 2." Jon Favreau will return to direct the sequel to the blockbuster "Iron Man," which to date has grossed over $578 million worldwide, as well as executive produce "The Avengers."
Marvel Studios is pleased today to confirm that an agreement has been finalized with award-winning actor Don Cheadle to take on the role of Colonel James "Rhodey" Rhodes in Marvel's "Iron Man 2" due in theaters on May 7, 2010. In casting Cheadle, Marvel replaces Terrence Howard who appeared in the role of Rhodey in Iron Man.
Cheadle is also signed on to perform the same role in "The Avengers" and subsequent installments of the "Iron Man" franchise.
Based on Marvel's iconic Super Hero, "Iron Man 2" continues the story of this summer's box office blockbuster IRON MAN, the first feature film produced independently by Marvel Studios. "Iron Man 2" will be produced by Marvel Studios' President, Kevin Feige, and executive produced by Louis D'Esposito, Jon Favreau, Stan Lee, David Maisel and Denis Stewart.
In a movie event, "The Avengers" will bring together the super hero team of Marvel Comics characters for the first time ever, including Iron Man, Captain America, Thor, the Hulk and more, as they are forced to band together to battle the biggest foe they've ever faced.
The highly anticipated sequel to "Iron Man" will be released in theatres on May 7, 2010 and "The Avengers" will be released July 15, 2011. Both films will be distributed by Paramount Pictures.

Source: Marvel.com
Full article: http://www.marvel.com/news/moviestories.5719.Iron_Man_2_and_The_Avengers_Update