NETFLIX has scrapped a huge comeback movie for a beloved 80s series.
Despite sending £27million ($30million) on the project, it seems the upcoming film has officially been given the axe by the streaming giant.
An animated series was previously released by Netflix in 2021
Huge names including director Jon M. Chu have previously been attached to the project
The Masters of the Universe – based on the He-Man and other Mattel toys – has been in the works at Netflix since 2019.
It already released an animated series, He-Man and the Masters of the Universe in 2021 and two other shows were also in development.
However according to Variety, despite the extortionate amount of money spent on development costs, the project is dead in the water.
The outlet is reporting that the news comes after “budget concerns” were raised.
It previously had a tough time trying to find its way to the big screen as the movie went through both Warner Bros. and Sony Pictures.
Many writers were involved in the project since 2007 as well as acclaimed directors Jon M. Chu and McG.
Huge names were attached to the film including The Lost City directors Adam and Aaron Nee and lead actor Kyle Allen, 28, who is best known for roles in West Side Story and American Horror Story.
Significant pre-production procedures took place even though producers worked to get the budget down.
Netflix reportedly rejected a $180 million pound budget as it never officially gave the project the green light.
Although the film is no longer at Netflix, Mattel is reportedly looking for a new home for the film.
CEO of the company Ynon Kreiz recently told told The New Yorker: “It’s hundreds of pages of characters and sorcerers and vehicles and weaponry – you name it.
“And then you flip through the pages, and here’s a movie, and here’s a movie, and here’s a TV show. . . . it’s endless!”
The film is based off a toy line franchise of the same name, which was also a hit cartoon series which aired from 1983 to 1985 and consisted of 65 episodes.
The series was so successful that it spawned a spin-off series, She-Ra: Princess of Power, following the adventures of He-Man’s sister, Princess Adora.
A live action movie version was released in 1987 which starred the likes of Dolph Lundgren, Courtenay Cox and Frank Langella.
Mattel is looking for a new home for the project which has been in the works since 2007
