Variety has learned that Netflix has canceled its live-action Masters of the Universe movie following budget concerns. Insiders say that the streamer spent $30 million on developing the film, but other sources, which Variety has described as being “knowledgeable,” claim that the money spent is actually twice that figure, implying up to $60 million wasted. Mattel is currently shopping for a new buyer for the film, but for now, Masters of the Universe fans can check out Netflix’s animated series or revisit the original 1987 film, which stars Dolph Lundren as the titular superhero.
The latest headaches for He-Man and friends only further complicates the property’s torturous journey to the screen, one that goes as far back as 2007. It’s a long road that’s crossed through two other studios, Warner Bros. and Sony Pictures, and countless writers and directors like Jon M. Chu and McG. The latest implosion at Netflix, according to five individuals with knowledge of the project, was over budget concerns.
A spokesperson for Mattel confirmed that “Masters of the Universe” is no longer at Netflix, but did not provide any further comment. A Netflix spokesperson had no comment.