A highly anticipated live-action movie based on the iconic Mattel toys, Masters of the Universe, has been officially shelved by Netflix, according to Variety.

　　The project had reportedly already incurred substantial development costs, with an estimated amount exceeding $30 million. Talent retention expenses, including lead actor Kyle Allen and directors Adam and Aaron Nee, had contributed to the considerable investment. Unnamed sources suggest that the total development expenses could have even doubled that amount.

　　The road to bring He-Man and the beloved characters to the screen has been fraught with difficulties and setbacks since its 2007 inception. Various studios, such as Warner Bros. and Sony Pictures, had been involved at different stages, and multiple writers and directors, including Jon M. Chu and McG, were associated with the project. The latest demise at Netflix is attributed to budgetary concerns, according to five individuals familiar with the development.

　　In response to the news, a representative from Mattel confirmed to Variety that the movie is no longer with Netflix but offered no further elaboration. Similarly, a Netflix spokesperson declined to comment on the matter.

　　Set in the fictional world of Eternia, the film would have centered on the fierce clash between He-Man and his arch-nemesis Skeletor, characters that audiences have known since the 1980s animated series.

　　While Netflix faced a setback in its stock value last spring, sources close to the project assert that the budget disputes were unrelated to this event. However, Netflix reportedly declined to invest more than $150 million in the movie, even after efforts were made by the creative team to reduce the budget.

　　Despite Netflix's withdrawal, producers including Todd Black and Mattel's Robbie Brenner are actively seeking a new buyer for the property. As Mattel continues its quest to find a suitable buyer, the ongoing SAG-AFTRA and WGA strikes have further complicated the involvement of actor Kyle Allen and the Nee brothers, who have a prior commitment with Universal for a live-action animation film based on the Lego franchise. Mattel certainly has high hopes for one of its other toy-to-movie projects, as Barbie is projected to gross between $90 and $110 million at the box office this weekend.

　　Every Original Movie Coming To Netflix In 2023

　　See More

　　David Wolinsky on Google+