Netflix's attempt at a Masters of the Universe film has been dashed as it's being reported that the streaming giant has scrapped it after spending a ridiculous amount of money on it.

Variety broke the news that Netflix's swing at a live-action Masters of the Universe film is officially dead — Mattel confirmed the report. Their report indicated that Netflix had already spent roughly $30 million on development costs and talent. Supposedly, the cancellation comes as a result of budget concerns. Kyle Allen (Rosaline, The Greatest Beer Run Ever) was set to star as He-Man in the film.

The filmmaking duo of Aaron and Adam Nee were set to helm the project. They are coming off directing The Lost City — a rare original rom-com that starred Channing Tatum and Sandra Bullock. The film grossed $192.9 million during its theatrical run. They were supposed to collaborate with David Callaham on the script of the now-scrapped Masters of the Universe film for Netflix. Previously, Callaham has served as a writer on the likes of The Expendables, Wonder Woman 1984, Shang-Chi and the Legend of the Ten Rings, and Spider-Man: Across the Spider-Verse.

Masters of the Universe has had a treacherous road to development since 2007. It previously jumped from Warner Bros. to Sony before Netflix acquired the film in early 2022. Mattel will shop the property and hope to find it a new home amid the upcoming release of Barbie — another Mattel property. The Masters of the Universe franchise has always had a hard time getting off the ground. While not a box office smash hit, the 1987 film is one of the notable adaptations that people know about. Dolph Lundgren starred as He-Man, and Courtney Cox was even in the film.