He-Man’s Epic Comeback: Amazon MGM Studios in Talks for ‘Masters of the Universe’ Live-Action Film

In the legendary battle between He-Man and his arch-nemesis Skeletor, the real struggle in Hollywood has been against a list of studio partners sidelining the iconic character for almost two decades. However, there’s a glimmer of hope for the blond barbarian as Amazon MGM Studios engages in serious discussions to bring “Masters of the Universe” to life on the big screen. The potential live-action film is said to be helmed by the dynamic duo Adam and Aaron Nee, known for their work on “The Lost City.”

Insiders reveal that talks with Amazon MGM intensified after Netflix dropped its planned version of the Nee brothers’ film in July. Despite Netflix investing nearly $30 million in development costs over two years, the streaming giant walked away due to budget constraints, originally set at over $200 million. Now, Amazon’s discussions are tentative, with the studio potentially requiring new deals with the Nees for script revisions and direction. Kyle Allen, initially slated to star in the Netflix version, remains a contender for the role of He-Man.

Mattel and dedicated producer Todd Black, who has championed the film across various studio homes, are also pushing for a significant theatrical release, a prospect that wasn’t fully explored with Netflix. However, the talks with Amazon MGM remain precarious, cautioning another source.

Adding complexity to the narrative is the convoluted web of rights surrounding “Masters of the Universe.” DreamWorks Animation acquired the rights over a decade ago as part of a broader content library. The deal granted Mattel the ability to exploit “Masters” characters for filmed adaptations until 2026. Now, as DreamWorks Animation is under the ownership of NBCUniversal, potential interference in sequels by the conglomerate looms over Amazon MGM’s ambitious project.

Sources reveal ongoing negotiations between NBCU and Mattel for a possible extension of the rights, though no official comments have been made. The budget for the film reportedly hovers below $200 million, approximately $170 million according to one source. If the rights negotiations succeed, it would mark a significant triumph for Courtenay Valenti, Amazon’s new head of theatrical film and streaming. Valenti, former head of production at Warner Bros., finds motivation in the success of Warner Bros.’ adaptation of Mattel’s “Barbie,” which grossed $1.4 billion worldwide and generated Oscar buzz.