Netflix SCRAP plans for live-action reboot of hugely popular 80s series – despite having already spent £23 MILLION on it

Netflix has reportedly scrapped plans for a huge comeback movie for a hugely popular 1980s series.

The Masters of the Universe, based on He-Man and other Mattel characters, was due for a live action reboot, with plans in the works since 2019.

But despite programmers having already spent a whopping £23 million ($30 million) on the project, the streaming giant has officially decided to ax the film.

According to Variety, “budget concerns” were a major factor in the decision, with sources for the publication estimating that the “all-in cost to development” was in fact “twice” the reported figure.

Netflix had already released an animated series in 2021, He-Man and The Maters of the Universe, while two more shows, titled Masters of the Universe: Revelation and He-Man and the Masters of the Universe, are also on the platform.

Dropped: The Masters of the Universe, based on He-Man and other Mattel characters, was due for a live action reboot, with plans in the works since 2019 (the 1983 animated series pictured)

Scrapped: Despite program makers having already spent a whopping £23 million ($30 million) on the project, the streaming giant has officially decided to ax the film

But it seemed they were struggling to get the live-action movie off the ground as the project had already gone through two studios; Warner Bros. and Sony Pictures.

The long and arduous road to getting the film to the big screen saw West Side Story star Kyle Allen, 28, on board as the lead, after it was previously reported that Noah Centino would be taking on the role of He-Man.

While directing, duo Adam and Aaron Lee, of The Lost City fame, would be on board to direct.

In addition, since the film’s release in 2007, numerous writers have been associated with the project, including Art Marcum and Matt Holloway (Iron Man).

While directors Jon M. Chu and McG were also involved at one point.

Todd Black, Jason Blumenthal and Steve Tisch would also produce through their Escape Artists company, as well as DeVon Franklin.

Mattel executives Julia Pistor and David Voss were also on board to serve as executive producers on behalf of the toy company.

However, it seems plans for the big screen are almost over as amid the news, Mattel confirmed to Variety that the film is no longer with Netflix, while a Netflix representative declined to comment.

Not anymore: The long and arduous road to getting the movie on the big screen saw West Side Story star Kyle Allen, 28, on board as the lead (pictured 2022)

Animated series: The film would be based on Mattel’s now-iconic toy line, which spawned the 1983 animated series He-Man and the Masters of the Universe

He-Man: The toyline also spawned the 1987 live-action movie Masters of the Universe, which starred Dolph Lundgren (pictured) as He-Man and Frank Langella played his nemesis Skeletor.

MailOnline has contacted Netflix for comment.

The film is said to be based on Mattel’s now-iconic toy line, which spawned the 1983 animated series He-Man and the Masters of the Universe.

The toyline also spawned the 1987 live-action movie Masters of the Universe, which starred Dolph Lundgren as He-Man and Frank Langella played his nemesis Skeletor.

That movie was also the feature debut of a young Courteney Cox, who played Julie Winston.

The original animated series was set in the mystical land of Eternia, where He-Man and his warriors battled Skeletor for control of Castle Greyskull.