He-Man has been slain at Netflix. The long-in-the-works live-action “Masters of the Universe” film adaptation at the streamer is “officially dead” according to multiple sources for Variety.
Reportedly an amount close to $30 million has already been spent on development costs on the project and to hold on to talent, including the previously announced lead Kyle Allen and the film’s directors Adam and Aaron Nee (“The Lost City”).
Other sources for the trade estimate that the all-in costs for development are double that. It marks only the latest failed attempt to adapt the Mattel property to the big screen after previous incarnations at Warners and Sony failed to take off.
The latest collapse is allegedly due to budgetary concerns, with the film looking to cost over $200 million and Netflix reportedly not wanting to spend more than $150 million (including development costs). A spokesperson for Mattel confirmed to the outlet “Masters of the Universe” is no longer at Netflix.
The story of the franchise unfolds in the land of Eternia, where Prince Adam protects the secrets of Castle Greyskull from the evil Skeletor and his minions. The Nees were to helm from a script they co-wrote with David Callaham (“Shang-Chi and the Legend of the Ten Rings”).
The property remains most famous for its iconic 1980s cartoon series. A previous 1987 live-action film starred Dolph Lundgren as He-Man, whilst Netflix is home to two animated series based on the property – Kevin Smith’s “Masters of the Universe: Revelation” and its upcoming sequel, along with a separate CG-animated series.
