Despite a number of He-Man cartoons that have hit Netflix in recent years, it seems the streamer and Mattel were unable to come to terms on a live-action He-Man and the Masters of the Universe film.
Per Variety, the live-action project is officially dead at Netflix, despite the streamer spending $30 million on development.
The Hollywood trade notes that the bulk of the development costs were spent on keeping lead actor Kyle Allen attached to the project, along with directors Adam and Aaron Nee.
Mattel will now look to find a new home for the live-action adaptation of Prince Adam of Eternia.
Variety goes on to report that the film had a purported $180 million budget and that Netflix was unwilling to commit to such a high cost after shedding subscribers earlier this year and losing $50 billion in value after stock prices plunged.
It seems Mattel is already marketing the IP to other suitors as Mattel CEO Ynon Kreiz recently told the New Yorker, "It’s as big as Marvel and DC. 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!"
In 2007, Sony Pictures acquired the rights to make a live-action He-Man film. The film was to be directed by Jon M. Chu and written by Justin Marks. However, the project was eventually canceled due to creative differences.
A decade later, the project landed at Netflix, with Noah Centineo cast as the muscular, tiger-riding hero.
Kyle Allen was eventually selected to replace Centineo as the lead, with filming slated to kick off in February 2024.