Netflix Scraps Live-Action He-Man Movie Despite $30M Loss Ahead of Barbie Release as Parent Company Scrounges for New Platform
Mattle, the company that owns Barbie’s manufacturing and entertainment production rights, is riding an unprecedented wave of media hype, thanks to the upcoming live-action Barbie movie, which is being distributed by Warner Bros.
Penned to be released on the 21st of this month, Barbie will bring superstars like Margot Robbie, Ryan Gosling, and Will Ferrell into the world of Barbie Land and onto the big screen in a bid to rekindle the nostalgia of countless teenagers.
Read more: Margot Robbie’s Barbie Makes Strong Rotten Tomatoes Debut
While Barbie will no doubt manage to attract millions because of the old precious memories, Mattle’s other project from yesteryears is struggling to find a home for itself.
Barbie’s Parent Company Dealt With He-Man Blow
The enormous hype surrounding the link between Margot Robbie and Ryan Gosling in Barbie Land has not proven enough to sustain the life of Mattle’s other owned entertainment property: Masters of the Universe.
Up until now, Netflix was working on transforming He-Man, a popular Mattel toy, into a live-action movie titled Masters of the Universe. The plot of the movie is roughly based on He-Man, the most powerful man in the universe and an inhabitant of Eternia, and his fight against the evil Skeletor to save the universe.
But as things stand, a cloud of uncertainty has accumulated over this throw-back clash, with Netflix deciding against going ahead with their plans to develop and stream the movie that has already seen an outlay of $30 million. A lot of money was invested to keep hold of lead talents like Kyle Allen, who was set to bring the powerful comic character of He-Man to life. But the project is ‘officially dead’ at Netflix, as per Variety.
The fact Netflix is unconvinced by Masters of the Universe despite coughing up $30m on development costs and all-in costs in the same region paints a very bleak picture for Barbie’s parent company.
However, the decision is partly influenced by Netflix’s drop in valuation, which has seen the American streaming giant nip several projects in the bud. Accordingly, at an estimated budget of over $200 million, He-Man’s latest iteration failed to convince the platform to go ahead with its initial plans. Earlier this year, they also canceled Nancy Meyers’ new Rom-com project due to a disagreement over budget.
Barbie’s Parent Company Searching for a New Platform for Its Next Project
With Barbie set for a worldwide release this weekend, Mattel would hope Greta Gerwig’s directed movie does well at the box office and its success subsequently helps He-Man find a new home.
Barbie and Ken’s colorful world and the latter’s rivalry with another Ken (Simu Liu) is expected to bring in more than $100 million at the box office despite competing with Christopher Nolan’s Oppenheimer.
Todd Black, one of the producers of Masters of the Universe is understood to be working ‘relentlessly’ to land a new platform for Mattel’s property.
Read more: Clash with Cillian Murphy’s ‘Oppenheimer’ Does Not Even Bother ‘Barbie’ Director Greta Gerwig
Source: Variety
