When Activision signed its license agreement with Marvel, it included rights for Spider-Man, X-Men, Fantastic Four and Iron Man through 2009. While the first three franchises all received games, Iron Man was the only one holding out, until the recent announcement of the movie. News has been rather quiet on that front, and according to Gamespot, the reason is because Activision simply no longer holds the rights to it, effectively cancelling any game they had in development.
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Activision No Longer Holds 'Iron Man' License
by Rainier on July 28, 2006 @ 2:07 a.m. PDT
Armed with a high-tech suit and a variety of weapons, the player will take on entire armies on constantly evolving and chaotic battlefields in SEGAs video game adaptation. The epic, action-packed Marvel Studios film will be directed by John Favreau and stars Robert Downey Jr., Jeff Bridges, Terrence Howard and Gwyneth Paltrow. Thrilling sequences from the film will be featured in this third-person action game, immersing the player in the explosive militaristic combat with loads of additional content created exclusively for the game.