The live-action Masters of the Universe movie based on He-Man and a slew of other popular Mattel toys is officially dead at Netflix, according to multiple Variety sources.
Reportedly, close to $30 million has already been spent on development costs and money that has been shelled out to hold on to talent – such as previously announced lead Kyle Allen and the film’s directing duo Adam and Aaron Nee (The Lost City). Other knowledgeable sources estimate all-in costs for development at twice that figure.
A spokesperson for Mattel confirmed that the film is no longer at Netflix, but did not provide any further comment. A Netflix spokesperson had no comment.
Set on the planet Eternia, Masters of the Universe focuses on the conflict between He-Man, a blonde muscle god, and his devious nemesis Skeletor. The characters became the basis of the much-loved (and meme-worthy) 1980s animated series, which developed a large fan base during its syndicated runs.
For this film iteration, the budget reportedly came in at over $200 million with cameras set to begin rolling this February. But last spring, Netflix was hit with a stunning stock drop that saw the powerful streamer shed $50 billion in value after investors became concerned about the company’s subscriber losses.
In the aftermath, Netflix film head Scott Stuber and chief content officer Bela Bajaria attempted to reassure the industry that they still had money to spend despite their Wall Street woes.
However, sources say that after that point the streamer refused to shell out over $150 million to see an up-and-comer in Allen pick up He-Man’s sword.
Another source familiar with Netflix countered that point, and said the stock drop was irrelevant to budget issues on the film, noting that its content spend has been flat at $17 billion for two years, despite market fluctuation.
The Nee brothers, fresh off romcom hit The Lost City, worked with producers to get the budget down even as significant pre-production on the film took place.
Producers brought a proposed $180 million budget to the table and Netflix reportedly still balked, never giving the film an official green light.
Netflix and filmmakers then considered shooting the film and a proposed sequel simultaneously to help keep expenses down, but that plan didn’t materialise. Multiple Variety sources insisted that the streamer is enamored with the filmmaker siblings, but could not reach a middle ground.
It’s fascinating that Netflix would bail on the project having already invested $30 million. But it also shows how difficult it’s been to develop a streaming-only film franchise.
Netflix themselves have tried and failed multiple times, and perhaps no longer thought it was worth investing such huge funds in another potential franchise failure.
Todd Black, a producer for the film, is now “relentlessly” trying to find a new buyer for the project. Black engaged Universal Pictures in the past month or so about acquiring the film, but the studio passed on the project.
Black and Mattel are no doubt hoping this weekend’s Barbie, projected to take in north of $100 million at the box office, will shore up their position in finding a new buyer and show other studios that films based on Mattel products are money makers.
The dual SAG-AFTRA and WGA strikes also make the search for a new home for the project difficult, as production schedules are completely up in the air now and may change on a whim.
We’ll wait and see whether a post-Barbie world means more luck for Masters of the Universe, but it’s looking like we won’t be seeing He-Man and Skeletor on the screen anytime soon.
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