“Masters Of the Universe”, a live-action film based on the Mattel property, has been axed at Netflix.
Netflix had already spent at least $30 million developing the project, most of which was to hold onto the talent they’d signed for the movie Variety reports.
Kyle Allen was set to star and the duo Adam and Aaron Nee were set to direct.
According to the report, the cancellation was due to budget concerns.
Netflix had planned for the film to have a $200 million budget, though the directors and producers had attempted to get this to $180 million.
Pre-production on the film has taken place, but will be shut down.
Mattel will now search for another buyer to take the movie.
The project has been stuck in development hell since 2007.
“Masters of the Universe” had gone through two different studios, Warner Bros. Discovery and Sony Pictures, and many different writers and directors.
A spokesperson for Mattel confirmed that the Netflix iteration of the film was canceled.
“Masters of the Universe” is a beloved franchise among fans, and focuses on the conflict between the muscular He-Man and the devious Skeletor on the planet Eternia.
Both characters helped form a much-loved animated series in the 1980s, which had a cross-generational fan base during its TV runs.
This blow for Mattel’s property comes as one of its hit toy franchises, “Barbie” arrives in cinemas.
“Barbie” has captured the minds and attention of many people on the internet, spawning many memes as it opens against Christopher Nolan’s latest film, “Oppenheimer”.
Mattel also plans to make movies from 44 other toy properties, including a “Hot Wheels” film directed by J.J Abrams and a “Barney the Dinosaur” film with Daniel Kaluuya.