The live-action Masters of the Universe movie is no longer happening at Netflix.

Kidscreen has confirmed that the streamer has axed the project after developing it for more than a year. The film was previously in development at Sony for several years before Netflix took it over in January 2022.

While the film was not greenlit, the platform was going to develop and produce the pic with Mattel Films, and actor Kyle Allen (West Side Story) was lined up to play sword-wielding hero He-Man, with filmmaker duo Adam and Aaron Nee (The Lost City) attached to direct.

Netflix decided to stop developing the project when it exceeded the initially-planned budget. The streamer’s stock drop in 2022 did not influence this decision since its annual content spend has remained flat since 2021, at around US$17 billion. According to Variety, Netflix has spent nearly US$30 million on this film’s development, including hiring a cast and crew.

Mattel is now seeking a new buyer for the live-action pic. This news breaks amid an ongoing actor and writer strike in Hollywood, which adds uncertainty about when the project could potentially take off again. 

Both Netflix and Mattel previously teamed up to revive the He-Man franchise with a pair of shows in 2021: CG-animated reboot He-Man and the Masters of the Universe, which dropped its third season last fall; and a more adult-skewing 2D-animated series called Masters of the Universe: Revelation (pictured).

Based on Mattel’s toy line, the Masters of the Universe IP centers around He-Man, who harnesses his powers to protect Eternia from the nefarious plots of his arch-nemesis, Skeletor.

He-Man already has a long entertainment history. LA-based studio Filmation produced an eponymous animated series that aired from 1983 to 1985 and remains the most well-known screen adaptation of the IP. Cannon Films later produced and distributed a first live-action film in 1987, which earned cult classic status despite failing to take off at the box office.

Masters of the Universe was one of the most iconic kids brands of the ’80s, spawning lucrative consumer product programs and comic book lines.

Image courtesy of Netflix.

Updated July 19, 2023 at 1:50 pm