He-Man and the Masters of the Universe Live-Action Movie in Discussion at Amazon MGM

The Masters of the Universe reboot may not be quite dead after all. Monday afternoon, it was revealed Amazon's MGM is in serious talks to scoop up the rights of the iconic toyline for its own stab at a He-Man and the Masters of the Universe film project. MGM's version of the film is said to feature the same filmmakers attached to the project when it was at Netflix.

According to Variety, Adam and Aaron Nee, the filmmakers behind The Lost City, would make the jump from the Netflix version to that produced by Amazon MGM Studios. It's said Amazon MGM would be seeking a "significant" theatrical release, something Netflix wasn't willing to give the project.

First rooted in a toyline by Mattel, the rights for Masters of the Universe films are currently owned by DreamWorks Animation, a subsidiary of NBCUniversal. Under the existing deal, DreamWorks Animation has allowed Mattel to shop film adaptations through 2026. While that means Mattel and Amazon MGM would be able to get one film out the door by then, the rights issues could pose complications for any follow-ups or spin-offs should the first film perform admirably. Because of that, NBCU and Mattel have been in negotiations regarding an extension of the deal to see how this film performs.

Throughout the years, various iterations of the film had a wide array of stars attached to play He-Man, anyone from Kellan Lutz to Noah Centineo. Most recently, however, A Haunting in Venice's Kyle Allen was attached to the role.

"It's so important to us that we don't shortchange this material," Aaron Nee explained in a previous interview with ScreenRant. "This is a huge movie, but it feels like it's our baby. It feels like we've got the the kind of closeness and affection that we would have for an indie project. It's so important to us that we get to take the audience to Eternia in a way where it feels like a rich, well-developed real place, like you are going to a real world and experiencing a real culture. Then also just having the kind of attention to detail for the adventure elements and all of those things and the costuming and the build time for all of those things, nothing is rushed, it's [being] done right."