There is an update about the long-awaited live-action Masters of the Universe project.

A live-adaptation based on the blond barbarian, popularized as part of Mattel toys, is in serious talks with Amazon MGM Studios from Adam and Aaron Nee, the writing and directing team behind The Lost City, via Variety.

Conversations are taking place with Amazon after Netflix dropped a planned version of the Nee Brothers film in July.

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Netflix spent nearly $30 million in development for the project, which was meant to star Kyle Allen. The streamer walked when the budget, originally set for more than $200 million, could not be meaningfully reduced, via Variety.

The Amazon talks are “tenuous, another source cautions,” but if the studio moves forward, it will need to close new deals with the Nees for a script, and to direct.

Kyle is “still in the mix” to star as He-Man. Mattel and producer Todd Black will also be seeking a significant theatrical release.

The rights to Masters of the Universe have a complicated history, including when DreamWorks Animation purchased them as part of a larger content library. The deal said Mattel could exploit Masters characters for filmed adaptations through 2026, two sources say. Since DWA is now owned by NBCUniversal, this means the conglomerate could interfere with any potential sequels that Amazon MGM would want to develop, which is an option a producer needs when investing in such a big project.

NBCU and Mattel have reportedly been in talks for weeks over a possible extension of the rights, sources say, and may reach a deal.

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