A highly anticipated live-action movie based on the iconic Mattel toys, Masters of the Universe, has been officially shelved by Netflix, according to Variety.

The project had reportedly already incurred substantial development costs, with an estimated amount exceeding $30 million. Talent retention expenses, including lead actor Kyle Allen and directors Adam and Aaron Nee, had contributed to the considerable investment. Unnamed sources suggest that the total development expenses could have even doubled that amount.

The road to bring He-Man and the beloved characters to the screen has been fraught with difficulties and setbacks since its 2007 inception. Various studios, such as Warner Bros. and Sony Pictures, had been involved at different stages, and multiple writers and directors, including Jon M. Chu and McG, were associated with the project. The latest demise at Netflix is attributed to budgetary concerns, according to five individuals familiar with the development.