For the past few decades, there have been attempts on making a new film adaptation of Mattel's Masters of the Universe. While we have seen a couple of animated shows featuring He-Man, its new attempt on the big screen has not moved past the development period.
It seemed like things were already moving ahead when it was reported that the project landed at Netflix, which is also looking for franchises to launch on their own and is already the home of the new Masters of the Universe shows.
Now that we're more than a year since the project's jumps to Netflix, some fans have been wondering about its latest status and whether it is already closer to production.
Unfortunately, it looks like the project has been stalled once again as it sounds like the streamer is no longer interested to make the film.
Masters of the Universe Movie Reboot is No Longer Happening on Netflix
According to Variety, Netflix has scrapped the Masters of the Universe movie reboot despite already spending around $30 million for the development cost and shelling out to hold on to the talents who are attached.
The report claimed that the project's cancellation was due to budgetary concerns as Netflix was not willing to spend more than $150 million for its production.
The producers initially proposed a budget of around $200 million. After Netflix refused, they came back and proposed a new budget of $180 million which the streamer still balked at. The project was never given an official green light as a result.
Mattel is set to shop the project in other studios and streamers. It is unknown yet whether Allen and the Nee brothers are still going to be attached to the project as the current strike and scheduling might change their fate in being part of the film.
While this might be unfortunate news for fans, they should still keep their hopes up as there is a possibility that the film might still happen if Mattel finds another studio although we could also see new creatives who will be behind the long-gestated reboot.