Netflix Throws Away Millions and Cancels Highly Anticipated Reboot

in Entertainment, Movies

netflix squid game

Credit: Netflix

Netflix might be in a tough place right now, despite the company rebounding some much-needed money on its password sharing. Despite not keeping itself from imploding, the streamer has dealt with some tough program cancelations, including dumping a highly anticipated reboot the company had already spent $30 million on.

Leslie Grace as Batgirl
Credit: DC Studios/Warner Bros.

Related: Netflix Production Moves Forward Despite Strike

Canceled shows and movies are not out of the realm of possibility. However, it does not reflect well on a company if millions of dollars are spent on a film or show only to see it unceremoniously canceled. That was certainly the case for Warner Bros. Discovery when the company canceled Batgirl.

Everyone had patiently waited to see Brendan Fraser as Firefly, Michael Keaton return as Batman, and Leslie Grace as Batgirl. Still, WBD decided to cut the movie from existence as a cost-cutting movie. This immediately made everyone think that CEO David Zaslav was a literal Batman villain, and not much has changed since.

Netflix could be facing this same type of scrutiny, as it was just announced a highly-anticipated reboot has been canceled.

‘He-Man’ Dropped by Netflix After $30 Millin Budget

He-man: masters of the universe
Credit: Netflix

The new Masters of the Universe live-action movie based on He-Man and other Mattel properties has been canceled by Netflix. To make matters worse, the company had reportedly spent $30 million on the film, with other industry insiders stating that the production number might even be double that amount.

The huge monies spent for the film were reportedly to retain star Kevin Allen and filmmakers, Adam and Aaron Nee. Aaron and Adam famously directed the hit rom-com, The Lost City. Despite Netflix being a huge fan of the Nee Brothers, budget concerns became the driving force for the streamer moving on from producing the film.

Reports indicate that part of the $30 million sum was also spent paying Sony for the rights to Masters of the Universe.

This is a massive loss for Netflix, as the He-Man toy line has been massively popular since the 1980s. Kevin Smith was building out his rebooted version of Masters of the Universe but in animated form for the streamer. Though we are unsure if the live-action movie would have anything to do with Smith’s He-Man cartoon, there was still a huge opportunity for significant gains by Netflix.

Shockingly, the streamer would allow such a huge opportunity to slip through their fingers, especially with the chance for spinoffs and a franchise that would bring He-Man into the next generation. There has not been a Masters of the Universe movie since 1987, which starred Dolph Lundgren as He-Man.

Mattel is currently hoping to find another buyer for the film, along with the potential that it could be turned into a franchise. However, with the current SAG-AFTRA and WGA strikes, production on this hopeful reboot will likely be stuck in limbo for quite some time.

The issues with this Masters of the Universe have reportedly happened since 2007 when the reboot began to get off the ground. The film went through Sony and Warner Bros. before landing on Netflix. It was also passed through countless writers and was previously set to be directed by John Chu and McG.

masters of the universe netflix
Credit: Netflix

Related: Disney, Warner Bros, Netflix, Universal, to Shut Down Film and Television Production Effective Immediately

We imagine this reboot will find a new home after the strikes, and that home could likely be the biggest competitor to Netflix, Amazon Studios.

Do you think Netflix is foolish for canceling Masters of the Universe? Let Inside the Magic know in the comments down below!

in Entertainment, Movies

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