As ‘Barbie’ shines, Netflix ditches a $200M Mattel adaptation

It has been two years since the live-action adaptation of Masters of the Universe was first reported on. Since then, the directors for the reboot have shared their ambitions for the project, stating that it needs to be on the same level as Marvel Studios. Unfortunately, the latest update on the He-Man reboot has encountered major roadblocks.

Insiders have revealed that Netflix decided to drop the Masters of the Universe live-action movie after $30 million had been spent on development costs. Masters of the Universe’s parent company, Mattel, confirmed the split, but did not provide any further comments. Insiders familiar with the project (per Variety) claimed Netflix refused to invest more than $150 million, and the adaptation had its sights set on a budget of over $200 million.

However, all is not lost as Mattel has confirmed that they are actively seeking a new buyer. It has been previously reported that Mattel’s CEO, Ynon Kreiz, hyped up the value of the Masters of the Universe franchise, claiming that it is “as big as Marvel and DC.” He also believes that the product has the potential to be successful as both a TV show and a movie for a modern audience.

“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!”

Masters of the Universe is a franchise that revolves around the conflict between He-Man and Skeletor on the planet Eternia, with a medieval sci-fi setting. The franchise started its toy line in 1981 and concluded in 1986. It has also spawned its own comic book series and various TV shows, including the 2018 Dreamworks series She-Ra and the Princess of Power. Additionally, a live-action movie was released in 1987, directed by Gary Goddard. In 2021, Amazon once announced that a She-Ra live-action series was being developed, with Nicole Kassel set to direct, via Variety.

Currently, it is unknown if Masters of the Universe has any interest from buyers, especially due to the ongoing SAG-AFTRA and WGA strikes. However, Mattel remains confident that a buyer will emerge, especially once Barbie achieves box-office success.