'Masters of the Universe': He-man live action film adaptation faces major setback, Netflix drops plans. Here's why

economictimes.indiatimes.com:

He-man’s Masters of the Universe franchise had hopes of a new live-action film adaptation brewing for years. However, it appears now that the project has been abruptly canceled at Netflix, marking yet another setback, according to reports. Netflix, as per reports, had invested about $30 million in development costs and securing talent such as actor Kyle Allen for the role of He-Man, along with directors Adam and Aaron Nee. Some insiders claim that the investment had reached twice that amount. Ultimately, Netflix decided to halt production on Masters of the Universe due to peaking «budget concerns». This unfortunate turn of events follows the project's previous stints at Warner Bros. Pictures and Sony Pictures. Netflix had initially allocated a generous budget of $200 million, and production was scheduled to commence in February. While Netflix experienced a stock drop unrelated to the budget issues, the streaming giant eventually capped its investment at $150 million, refusing to allocate further funds. The Nee brothers reportedly made efforts to salvage the project, proposing a reduced budget of $180 million and even considering shooting the movie and its promised sequel back-to-back to lower costs. Unfortunately, no middle ground was reached, although Netflix remains impressed with the directors. However, a potential change in fate may be on the horizon following the release of Mattel-owned property Barbie. If it performs well at the box office, it could spark renewed interest from studios in resurrecting Masters of the Universe. Nevertheless, it remains uncertain whether Kyle Allen and the Nee brothers will remain attached to the project.

Q1. Why was the He-man’s Masters of the Universe live-action film canceled?